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 pressure was strong resulting in the breakout at the $2.45 upper supply area of the range over the weekend. EOSUSD rose to $2.85 initially and later to $2.90 in the supply area today as it enters into consolidation.
There is a divergence between the price and the stochastic oscillator which gives an indication about the market. This implies that a drop in price in the medium term is imminent within the range as its signal points down at 42%.
EOSUSD is in consolidation and trading between $2.90 in the upper supply area and at $2.70 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before placing a trade.
EOSUSD Price Short-term Trend: Bullish
EOS continues in the bullish trend in its short-term outlook. The bullish pressure was sustained over the weekend a high of $2.87 in the supply area. The correction to the impulsive move did occur as the bears dropped EOSUSD to $2.67 in the demand area above the 50-EMA.
The bulls return was confirmed after bears lost in momentum around the 50-EMA with a bullish engulfing candle at $2.72. EOSUSD was up at $2.90 in the supply area as today’s market opened.
The journey north remains strong as the signal of the stochastic oscillator points up at 65% which suggest upward momentum in price in the short-term coupled with the price above the two EMAs which implies a strong bullish pressure.
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