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. The break of the two EMAs by the large bearish candle confirmed the bears' hold of the market. EOSUSD dropped to $3.82 in the demand area = a place it was on 20th March.
Gradual upward price movement to $3.71 in the supply area occurred before the end of yesterday. This is a creating a bearish flag correction and indication that the bears may return with stronger pressure to push the price further down.
The price is below the two EMAs crossover. This suggests strong bearish pressure in the medium-term with more candle s opened and closed below the EMAs.
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: Bearish
EOS is in a bearish trend in its short-term outlook. The bears' dominance of the market was reflected with the break of the lower demand area at $3.72 dropping the cryptocurrency initially to $3.67 and later to $3.59 in the demand area.
This created a double bottom formation with a previous low of 20th March at $3.60 which brought back the bulls before the end of yesterday's session. EOSUSD rose to $3.71.
Although the bears dropped price down to $3.62 shortly after opening but the bull manages a comeback which saw EOSUSD up at $3.71 in the supply area creating a double top formation.
The journey down to $3.60 in the demand area is imminent with the price below the 50-EMA an indication of a strong bear presence in the short-term.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.