EOS Price Analysis – January 17

  • The medium and short-term outlook is in a range-bound market.
  • Traders should be patient for a breakout or breakdown before taking a position

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

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, EOSUSD, Cryptocompare chartEOS chart by tradingview

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.

 

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