EOS Price Analysis – January 10

  • The medium-term outlook is in a bullish trend while the short-term outlook is in consolidation.
  • Patience must be exercise trading the ranging market.

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 bulls' target at $3.00 in the supply area which was predicted in yesterday analysis was attained before the end of yesterday session with a further push to $3.03.

The bears' return was obvious as exhaustion in the bullish momentum denoted by wicks in the candle was seen. EOSUSD dropped to $2.72 in the demand area with a large bearish engulfing candle. The bears' pressure may continue to the 50.0 fib area(at $2.66) a trend reversal zone before a possible bullish comeback in the medium-term.

The upward price movement to the $3.00 in the supply area will be the fourth touch and a possible breakout as the bullish pressure becomes stronger.

EOSUSD Price Short-term Trend: Ranging

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOS remains in a range-bound market in its short-term outlook. The strong bullish pressure within the range led to a breakout at $2.94 in the upper supply area with a large bullish engulfing candle.

Although the bulls had brief control of the market after today’s opening with the price up at $3.05 in the supply area, the bears returned with a large bearish engulfing candle and brought the cryptocurrency back into the range as EOSUSD drop to $2.70 in the demand area.

The cryptocurrency is ranging and trading between $2.94 in the upper supply area and at $2.71 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area may occur hence patience is required before taking a position.

 

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