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 a range-bound market its medium-term outlook. Exhaustion to the bullish momentum occurred at $3.92 in the upper supply area after the formation of an inverted hammer on 16th march. This signaled the bears return with confirmation established after the break of the 10-EMA. EOSUSD dropped to $3.80 late yesterday.
The bearish candle formed after today’s 4-hour opening spinning top at $3.82 confirmed the bearish continuation within the range as EOSUSD dropped to $3.75 in the demand area.
The bears may continue the journey down south towards the lower price range as indicated by the signal of the stochastic oscillator which points down at 35% and the price below the 10-EMA in the medium-term.
EOSUSD is in consolidation and trading between $3.90 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: Bullish
EOS is in a bullish trend in its short-term outlook. The strong bullish pressure led to the breakout at $3.74 in the upper supply area of the range in 15th March with a high of $3.74 over the weekend. The bears are temporarily pushing the price down with a possible retest of the broken supply area before uptrend continuation.
The formation of the hammer candlestick pattern is a sign of bears exhaustion and a little push may occur as the price is below the two EMAs before the change in the stochastic oscillator signal to the upside which will implies the commencement of the upward price movement.
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