EOS Price Analysis – August 21
EOSUSD Price Medium-term Trend: Ranging
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS returns to the range in its medium-term outlook. Rejection to downward price movement occurred at the area as the bullish spinning top was formed. The bullish 4-hour opening candle at $4.70 led to the upward movement of EOS price to $4.90 within the range.
EOS continues ranging and trading between $5.12 in the upper supply area and at $4.69 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area to occur before taking a position.
EOSUSD Price Short-term Trend: Ranging
The cryptocurrency enters the range in the short-term outlook. The bearish pressure pushed price down to $4.66 in the demand area as market rally yesterday. The opening 1-hour candle was bullish and the cryptocurrency was up $4.90 in the supply area.
Price is above the 10-day EMA with the stochastic oscillator at 38% with signal pointing up which is a reflection of bullish pressure within the range.
The cryptocurrency is ranging and trading between $5.00 in the upper supply area and at $4.70 in the lower demand area of the range. Traders should be patient and allow a breakout or breakdown occur before taking a position.
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