EOS Price Analysis – January 11

  • The bulls have returned after exhaustion in th bears momentum denoted by wicks in the candles.
  • The cryptocurrency is in a critical demand area.

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 returned to a bullish trend in its medium-term outlook. The price is at a critical key demand level. The strong bearish pressure breaks the two EMAs with a large bearish candle as EOSUSD dropped initially to $2.72 in the demand area. $2.34 was the low of the day as the bearish pressure gradually weakened.

The 4-hour opening candle was a spinning top follow by a bullish candle at $2.44 implies that the bulls are back as EOSUSD rose to $2.50 in the supply area shortly after opening.

The stochastic oscillator is in the oversold region at 17% with is signal up suggest upward price movement as the bulls gradually gather momentum for the flight to the north.

EOSUSD Price Short-term Trend: Bullish

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOS is in a bullish trend in its short-term outlook. The strong bearish pressure was strong and this led to a break at $2.71 in the lower demand area. Due to increased momentum down south, EOSUSD dropped to $2.34 in the demand area which was the low of the day.

EOSUSD is in the same demand area similar to 28th December 2018. A move to the upside in the short-term is most expected as the bulls gather momentum for the upward journey. $2.71 remains a target before a possible breakout.

 

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