Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOSUSD Price Medium-term Trend: Ranging

  • Supply zones: $9.00, $10.00, $11.00
  • Demand zones: $2.00, $1.00, $0.50

EOS returns to a range-bound market in its medium-term outlook. The bearish pressure was weakened after EOSUSD dropped to $1.77 in the demand area on 14th December following the bullish railroad formed at this area. A progressive journey up north commenced as the bulls takeover was confirmed on 16th December and EOSUSD was up at $1.92 in the supply area leading to the break of the two EMAs.

$2.04 in the supply area was the high attained earlier today as the bullish momentum increased, with the stochastic oscillator in the overbought at 81% and it signals up. This implies upward momentum in price as it stands above the two EMAs within the range.

EOSUSD is consolidation and trading between $2.16 in the upper supply area and at $1.67 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position while a breakdown at the lower demand area may be a short position with good candlestick pattern as confirmation for entries. Hence patience is needed for this to happen.

EOSUSD Price Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOS continues in a bearish trend in its short-term outlook. The critical supply area remains very important after previous and current rejection. The bearish spinning top formed after the bulls had the price up at $2.04 in the supply area.

An impulse move may be imminent to confirm the bears’ takeover in the short-term. EOSUSD may drop to $1.80 in the demand area as the bears’ momentum increases.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.