EOS Price Analysis – December 21

  • The medium term remains in a bullish trend while the short-term continues in consolidation
  • Traders should be patient trading the consolidation.

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOSUSD Price Medium-term Trend: Bullish

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

EOS remains in a bullish trend in its medium-term outlook. The bullish pressure remains strong despite the bulls inability to break out of the previous high of $2.88 attained on 19th December. A retest at the supply area was made as EOSUSD made a high at $2.87 yesterday,

Exhaustion denoted by wick in the candle was seen as the bears staged a return. The bearish pressure was neither strong enough to resume the downtrend but only manage to drop EOSUSD to $2.63 in the demand area.

 EOSUSD was up at $2.90 in the supply area shortly after opening as the bears pushed the price further down to $2.66 in the demand area.

The price has touched the $2.88 area three times. A fourth touch may result in the much-awaited breakout to the $3.00 supply area. The EMAs are fanned apart which implies strength in the context of the trend and in this case the uptrend.

EOSUSD Price Short-term Trend: Ranging

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOS continues in a range-bound market in its short-term outlook. The 50-EMA was a strong support for the bulls as the bears pushed the price down to $2.63 in the demand area. The bullish railroad formed yesterday was a signal trend reversal within the range.

TRXUSD briefly got to $2.90 in the supply area shortly after opening but the candle closed bearish within the range.

EOSUSD is in consolidation and trading between $2.88 in the upper supply area and at $2.30 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

 

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