EOSUSD Price Medium-term Trend: Ranging
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $2.00, $1.00, $0.50
EOS is in a range-bound market its medium-term outlook. $3.90 in the supply area was the upper limit over while $3.65 in the demand area was the lower limit over the weekend with the bears showing a stronger effect.
Today’s opening was a reflection of the bears’ continued dominance. The large bearish candle at $3.79 broke the two EMAs and pushed the price down to $3.56 in the demand area.
The stochastic oscillator signal points down at 53% and price lies below the two EMA an indication of further downward momentum in price within the range.
EOSUSD is in consolidation and trading between $4.00 in the upper supply area and at $3.50 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 a position is taken.
EOSUSD Price Short-term Trend: Ranging
EOS continues consolidation in its short-term outlook. Although the lower demand area at $3.64 was broken and the price went further down to $3.54 as the session ended on 8th March. A return within the range occurred as the bulls stage a comeback with EOSUSD up at $3.90 in the supply area.
The railroad formation at the 1-hour opening ensured sustained bears dominance and downward continuation with a break at the lower demand area of the range. EOSUSD was down to $3.56 before the loss in momentum and subsequent return of price within the range due to the bullish pressure as the cryptocurrency continues in the range.
$3.92 in the supply area is the upper price range while $3.64 in the demand area is the lower price range. A breakout from the upper supply area or a breakdown from the lower demand area may occur hence patience is required for this to play out before taking a position.
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