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 in its medium-term outlook. $3.73 in the supply area was the high of the day while $3.53 in the demand area was yesterday’s low as the market remains in consolidation. With the bullish railroad formed at the 4-hour of today’s opening session at $3.50, the bulls may control the range in the medium-term.
The price hovers around the two EMAs with the stochastic oscillator signal parallel at 67%. It reflects a ranging scenario.
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: Raging
EOS returns to a range-bound market in its short-term outlook. The formation of a bearish inverted hammer at $3.67 in the supply area signal trend reversal and subsequent bearish pressure that had consistently pushed EOSUSD toward the lower demand area of the range. $3.53 in the demand area was the low attained yesterday. New lows may be attained today as the bears’ pressure remain strong within the range.
This was confirmed with the signal of the stochastic oscillator pointing down at 59% and price revolve around the two EMAs.
$3.70 in the supply area is the upper price range while $3.47 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.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
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