EOSUSD Price Medium-term Trend: Bullish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $4.00, $3.00, $2.00
EOS continues in a bullish trend in its medium-term outlook. The bullish pressure has been sustained after the break of $5.55 of the upper supply area. The drawdown to 5.35 in the demand area resulted in the formation of bullish long-legged candle – a good confirmation of a strong bullish comeback.
EOS was up to $5.93 in the supply area with a long bullish engulfing candle. The bullish momentum was sustained as EOS was up at $6.04 in the supply area.
The price remains above the two EMAs crossover with the 10-EMA acting as a strong support for the continued upward bullish movement. The stochastic oscillator is in the overbought region at 81% and its signal is up. These imply upward momentum in the price of EOS in the medium term. $6.30 may be the bulls initial target as the journey north continues.
EOSUSD Price Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The bullish pressure broke the $5.80 in the upper supply area of the range and further pushed the price up to $5.98 in the supply area. The pullback to retest the broken area dropped EOS to $5.77 in the demand area.
The bullish spinning top at $5.81 pushed the price back up to $6.04 in the supply area. The price is below the 10 EMA with the stochastic oscillator at the overbought region and it signal pointing down. It thus implies that we may witness downward movement in price due to the bears’ pressure. This should be seen as a pullback necessary for the market correction for an uptrend continuation.
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