EOS Price Analysis – April 24

  • The short and medium-term outlook is a downtrend.
  • Trader may look to sell at the break of the bearish flag.

EOS, EOSUSD,EOS chart by TradingView

EOSUSD Price Medium-term Trend: Bearish

  • Supply zones: $9.00, $10.00, $11.00
  • Demand zones: $2.00, $1.00, $0.50

EOS is in a bearish trend in its medium-term outlook. With the inverted bearish pinbar formation at $5.54 in the supply area as the market opened yesterday, the bears took control of the market. Full confirmation of the takeover occurred at the break of the 10-EMA before the end of the session.

The lower demand area at $4.90 was broken with an engulfing candle as EOS dropped to $4.81.

The two EMAs are fanned apart which implies strength in the trend as the bears continue the downward journey.

The stochastic oscillator signal points down at 13% in the oversold region. It implies a continuous downward momentum with more candle open and closed below the EMAs.

EOSUSD Price Short-term Trend: Bearish

EOS, EOSUSD,EOS chart by TradingView

EOS is in a bearish trend in its short-term outlook. The bearish momentum was briefly lost at $5.02 shortly after opening. This brought back the bulls, and price was up at $5.19 in the supply area. This created the bearish flag. EOS dropped to $4.81 in the demand area.

Another drop is imminent in the short-term with $4.60 in the demand area as the bears’ target. This was further confirmed by the signal of the stochastic oscillator in the oversold region pointing down.

 

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.