EOS Price Analysis – January 24

  • The medium-term outlook remains in consolidation while the short-term is in a bullish trend
  • Traders may look to buy at key pullback areas

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 continues in consolidation in its medium-term outlook. The bulls are still in control of the range despite a brief loss to the bears. The bears momentum was lost shortly after opening at $2.43 in the demand area after rejection to further downward movement which was due to the two EMA acting as strong resistance.

THe price is above the two EMAs with the bullish marubozu candle an indication of strong bullish pressure and possible upward price movement toward the upper supply area

EOSUSD is ranging and trading between $2.60 in the upper supply area and at $2.26 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.

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 bullish pressure remains strong despite the drawdown to $2.43 in the demand area by the bears although the bulls had a brief comeback.

EOSUSD was up at $2.45 in the supply area $2.30 but closes as an inverted hammer a signal to the bears return that sustained the bearish momentum after today’s opening session. The crypto was down $2.43 at in the demand area.

The price is within the 50.0 fib area, a trend reversal zone an indication of uptrend resumption.

With the bullish engulfing candle at $2.45 the bulls are back with EOSUSD up at $2.49  in the supply area. $2.55 in the supply area is still a valid target for the bulls in the short-term.

 

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