EOS Price Analysis – December 28

  • The bears are in control of both the medium and short-term outlook.
  • Traders should look to sell at pullback area with berish reversal candle pattern.

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOSUSD Price Medium-term Trend: Bearish

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

EOS continues in the bearish trend in its medium-term outlook. The minor bullish momentum was lost after a push of price to $2.67 in the supply area. The bears' return was previously signalled by the bearish spinning top and later confirmed by the bearish engulfing candle at $2.54. EOSUSD went down to $2.32 in the demand area late yesterday - breaking yesterday's target at $2.40.

A pullback to the upside confirmed by the bullish marubozu was responsible for the crypto up to $2.55 in the supply. This guaranteed the downtend continuation. Resistance to the continued upward movement was seen at the 10-EMA as the bears are gradually staging a return.

The price remains below the two EMAs crossover while the stochastic oscillator signal points down at 10% which implies downward price movement. As more candles form and close below the EMAs due to the bearish momentum, $2.00 in the demand area may be the next target by the bears in the medium-term.

 EOSUSD Price Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOS remains in a bearish trend its short-term outlook. The strong bearish pressure broke the lower line of the descending channel with a large bearish engulfing candle at $2.53. EOSUSD initially dropped to $2.34 in the demand area.

A retest of the broken lower line is necessary to confirm the bearish continuation in the short-term.  With the price up at $2.44  the supply area close to the broken lower line of the channel, the bears may have returned as confirmed by an inverted bearish hammer.

A new low at $2.20 in the demand area may be the bears' target.

 

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