EOSUSD Price Medium-term Trend: Ranging
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $2.00, $1.00, $0.50
EOS remains in a range-bound market in its medium-term outlook. The bullish momentum was lost at $2.50 in the supply area following the formation of two inverted pinbar below the 50-EMA. EOSUSD dropped to $2.42 closing the day as a bullish doji.
The price rose to $2.42 after today’s opening but closed as an inverted bearish hammer in an indication of bearish pressure as EOSUSD plummeted to $2.43 in the demand area.
The stochastic oscillator signal is parallel at 50% as the price hovers around the 10-EMA.
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 continues in a ranging scenario in its short-term outlook. The bullish pressure was sustained until the $2.50 in the supply area. Exhaustion set in paving the way for the bears as they pushed the cryptocurrency down to $2.42 in the demand area.
The large marubozu candle formed shortly after today’s opening was an indication of bears dominance despite a bullish opening.
The price is below the two EMAs and the stochastic oscillator signal points up at 28%. It suggests a possible change in trend within the range in the short-term as bullish momentum builds up.
$2.50 in the supply area remains the upper price range while $2.40 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.
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