EOSUSD Price Medium-term Trend: Ranging
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $1.50, $1.00, $0.50
EOS is in a range-bound market in its medium-term outlook. The large bearish engulfing candle that opened yesterday session at $2.49, dropped the cryptocurrency at $2.31 in the demand area. This was expected to continue the journey down south but it lost momentum. The bulls sustained the momentum till the end of trading with EOSUSD making a high at $2.37 in the supply area.
The bullish momentum was sustained with 4-hour opening candle pushing the price up to $2.40 in the supply area shortly after opening as the cryptocurrency enters into a range.
With the stochastic oscillator signal pointing up and at 55 %, this implies upward momentum in price with the bulls controlling the market within the range in the medium-term.
EOSUSD is in consolidation and trading between $2.45 in the upper supply area and at $2.30 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 is in bullish trend in its short-term outlook. After a smooth ride to $2.40 in the supply area after opening from $2.32 in the demand area, the bulls lost momentum. The formation of gravestone doji signaled the bears' presence. EOSUSD dropped to $2.37 in the demand area.
At this point, the bulls staged a comeback. The reason for this is that the demand area is the 39.2 fib area a trend continuation zone. This means that the bulls are back in the market to continue the upward price movement in the short term.
A retest at $2.40 in the supply area is probable as the bullish pressure builds up.
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