EOS Price Analysis – April 8
- The short is in consolidation while the medium-term outlook is in the uptrend.
- Patience should be exercise trading the consolidation.
EOS chart by TradingViewEOSUSD Price Medium-term Trend: Bullish
EOS is in a bullish trend in its medium-term outlook. The bullish pressure was weakening at $5.76 in the supply area on 6th April with an inverted pinbar. This is an indication of the bears' temporal control of the market. EOS dropped to $4.93 in the demand area as the price touches the trendline.
Each touch at the trendline results in a bounce as the bulls pushed the price to $5.68 in the supply area shortly after today’s opening.
A minor push to the trendline may occur before an upward continuation with the overall medium outlook bullish. This is confirmed by the stochastic oscillator signal pointing up at 60%. The price is above the 50-EMA - an indication of upward momentum in price.
EOSUSD Price Short-term Trend: Ranging
EOS chart by TradingViewEOS is in a range-bound market in its short-term outlook. The loss in bullish momentum at $5.76 in the supply area over the weekend due to exhaustion. This subsequent led to the drop in price to $5.10 in the demand area pushed the cryptocurrency into a ranging scenario.
EOS rose to $5.68 shortly after today’s opening as the bulls staged a comeback but lost momentum as indicated by wicks at the area as the bears returned. The price has dropped to $5.43 in the range with a strong bias to the downside as confirmed by the stochastic oscillator signal pointing down at 43%.
EOS is in consolidation and trading between $5.70 in the upper supply area and at $5.21 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
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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