EOSUSD Price Medium-term Trend: Ranging
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $2.00, $1.00, $0.50
EOS is in a range-bound market in its medium-term outlook. The lack of momentum for continuous upward price movement at $2.53 in the supply area on 14th January led to a bear takeover after the formation of the bearish spinning top. Yesterday 15th January witnessed the bearish pressure dropping EOSUSD to $2.36 in the demand area as the cryptocurrency ranges.
Today’s 4-hour opening candle at $2.41 seems to have the bulls in control of the range with EOSUSD already up at $2.48 in the supply area. Bullish control was further confirmed with the price above the 10-EMA and the stochastic oscillator signal pointing up at 60%.
EOSUSD is in consolidation and trading between $2.52 in the upper supply area and at $2.33 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.
EOSUSD Price Short-term Trend: Ranging
EOS returns to a ranging scenario in its short-term outlook. After a drop at $2.36 in the demand area, bearish exhaustion sets in as the candle closed with wicks. The bulls took over the market as the session came to a close yesterday and it continued after today’s opening session.
EOSUSD rose to $2.46 in the supply area within the range with indication of further upward movement as confirmed by the stochastic oscillator signal pointing up at 70%
$2.50 in the supply area remains the upper price range while $2.37 in the demand area is the lower price range. A breakout from the upper range may be considered a buy while a breakdown at the lower range may be considered for a sell after a retest.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.