EOSUSD Price Medium-term Trend: Bearish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS continues in a bearish trend in its medium-term outlook. The break of yesterday's bear target at $5.05 in the demand range was an easy one with a large bearish engulfing candle that further dropped EOSUSD to $4.79 in the demand area. Increased bear pressure led to the lowest low of the day at $4.46 before a brief momentum loss. The bulls pushed the price to $4.81 in the supply area earlier today.
The bear pressure remains strong in the medium-term hence the current bearish engulfing candle that is developing and EOSUSD was down to $4.51.
The price is below the two EMAs crossover and the EMAs area fanned apart which suggest stronger strength in the downtrend trend. The stochastic oscillator is in the oversold region at 14% and its signal points down an indication of downward price movement due to the bears' pressure.
EOSUSD Price Short-term Trend: Bearish
EOS is in a bearish trend in its short-term outlook. The resistance by the 10-EMA against upward price movement was evident as indicated by the first arrow before the massive drop to $4.46 in the demand area. The bullish 1-hour opening candle could not push high as rejection was seen at the 10-EMA.
The price is below the two EMAs and the stochastic oscillator in the oversold region at 16% its signal points down which implies downward price movement in the short -term as the bears' momentum increases.
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