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 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.
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