EOSUSD Medium-term Trend: Bearish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $2.00, $1.00, $0.50
EOS is in a bearish trend in its medium-term outlook. $3.39 in the supply area was the point the bullish momentum shows exhaustion as the candles close with wicks. The bearish spinning top formation at $3.33 was an indication of the bears’ gradual presence as price was down to $3.26 in the demand area before the end of yesterdays session.
Price is below the two EMAs with the stochastic oscillator from the overbought region now at 63%. Its signal points down an indication of downward momentum in price as the bears’ pressure becomes much stronger in the medium-term.
EOS Price Short-term Trend: Ranging
EOS continues in a range-bound market in its short-term outlook. The strong bullish pressure was sustained yesterday breaking the upper supply area of yesterday range at $3.23 and this led to EOSUSD up at $3.39 in the supply area.
Price is below the two EMAs and the stochastic oscillator at 23% and its signal in parallel line which is a reflection of the ranging scenario in the short-term. The cryptocurrency remains in consolidation and trading between $3.23 in the upper supply area and at $2.94 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area to go long or breakdown at the lower demand area for a short position in the short-term.
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