EOS Price Analysis – January 21

  • The cryptocurrency is in a range-bound market in both the medium and short-term outlook.
  • Traders should be patient trading the consolidation.

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 is consolidation in its medium-term outlook. The weakness of the bullish pressure to breakout at $2.59 in the supply area over the weekend brought the cryptocurrency back to the range. The double top formation at the supply area brought back the bears as EOSUSD dropped to $2.30 in the demand area.

Bearish exhaustion at the demand area shows the bulls are back as EOSUSD pushed the price up to $2.37 as the markets open today (21st January) within the range. 

EOSUSD is ranging and trading between $2.59 in the upper supply area and at $2.24 in the lower demand area of the range. Patience is key at this time for a breakout at the upper supply area or breakdown at the lower area to occur before placing a trade.

EOSUSD Price Short-term Trend: Ranging

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOS returns to a range-bound market in its short-term outlook. The bulls successfully pushed EOSUSD to $2.50 in the supply area over the weekend before it lost momentum while the bears staged a gradual returned on 19th January and confirmation was with a large bearish engulfing candle on 20th January.  EOSUSD dropped to $2.30 as the crypto consolidates.

The bulls may be in partial control of the range as the price sits above the 10-EMA. The stochastic oscillator signal points up at 52% an indication of upward momentum in price of the cryptocurrency in the short-term.

EOSUSD is in consolidation and trading between $2.45 in the upper supply area and at $2.29 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

 

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