EOSUSD Price Medium-term Trend: Ranging
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS remains in consolidation in its medium-term outlook. The bearish pressure dropped the cryptocurrency to $5.53 in the demand area, below the two EMAs. It closed the day as a bearish hammer signalling continued bearish pressure. The opening 4-hour candle at $5.61 justifies the bears’ pressure as price was down to $5.40 in the demand area.
The stochastic oscillator is at 26% its signal points down which implies downward price movement as EOS ranges.
EOS is in consolidation and trading between $5.89 in the upper supply area and at $5.33 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area is imminent hence traders should be patient before taking a position.
EOSUSD Price Short-term Trend: Ranging
The cryptocurrency enters the range in its short-term outlook. The strong bearish pressure dropped EOS initially to $5.53 in the demand, before a minor bullish pullback. The price was up $5.73 in the supply area. Exhaustion was seen as candles close with wicks. The bears returned and pushed the price down. The 1-hour opening candle at 5.66 was bearish, this further a break in the lower demand area of the range with EOS down to $5.40 in the demand area.
The price is back in within the range as the bulls stage a comeback. The stochastic oscillator is at 34% and its signal points up which suggests a further upward movement of price due to the bulls increased momentum within the range.
EOS is ranging and trading between $5.80 in the upper supply area and at $5.50 in the lower demand area of the range. Traders should wait for a breakout or breakdown before taking a position.
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