EOSUSD Price Medium-term Trend: Bullish
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $2.00, $1.00, $0.50
EOS is back in a bullish trend in its medium-term outlook. The bearish pressure was lost and filed to pushed to the 50.0 fibs yesterday as EOSUSD dropped to $2.76 in the demand area as the low of the day.
This occurred around the 38.2 fibs a trend continuation zone. Hence the bulls return to continue the upward price movement in the medium-term.
Confirmation to the bullish market dominance came after the opening 4-hour candle of today session. The bullish engulfing candle pushed EOSUSD up at $2.88 around the 23.6 fibs in the supply area.
The price is up above the two EMAs and the stochastic oscillator signal points up at 32%. These suggest an upward momentum in price. $3.00 in the supply area may be retested as the bullish pressure becomes stronger.
EOSUSD Price Short-term Trend: Ranging
EOS continues in consolidation in its short-term outlook. The bears kept the pressure up until $2.76 in the demand area before it lost momentum. The demand area is critical within the range. It was the point the bulls returned on 12th February and EOSUSD shot up.
The bulls are gradually pushing the prices up. Despite a bearish opening candle at $2,80, the bulls drove price up to $2.88 in the supply area above the two EMAs.
The price is above the two EMAs and the stochastic oscillator signal pits up at 64 %. These imply an upward momentum in price within the range in the short-term.
EOSUSD is in consolidation and trading between $3.03 in the upper supply area and at $2.71 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.
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