EOS Price Analysis – January 9
- The medium-term outlook is in a bullish trend while the short-term outlook is in consolidation.
- Patience should be exercise trading the consoilidation
EOS chart by tradingviewEOSUSD Price Medium-term Trend: Bullish
EOS remains in a bullish trend in its medium-term outlook. The bullish pressure kept the tempo up as progress to $3.00 in the supply area is still valid. Yesterday saw a high of $2.85 attained before the brief loss in momentum. EOSUSD dropped to $2.81 late yesterday.
The 4-hour opening candle was an indication that the bulls are back with an initial push of the price to $2.91 in the supply area.
The price is above the two EMAs and also within the 23.6 fib level a trend continuation zone, with the stochastic oscillator signal pointing up at 45%. It suggests upward momentum in price in the medium-term.
EOSUSD Price Short-term Trend: Ranging
EOS chart by tradingviewEOS continues in a range-bound market in its short-term outlook. $2.94 in the supply area was the high while $2.81 in the demand area was the low of the day as struggle for market dominance continues between the bulls and the bears in the short-term.
The bulls successfully pushed the price up to $2.91 shortly after today's opening before loss in momentum as signaled by the bearish spinning top. The price is currently down to $2.86 in the demand area as the bears resume the journey down south within the range.
The cryptocurrency is ranging and trading between $2.94 in the upper supply area and at $2.71 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area may occur hence patience is required 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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