EOS Price Analysis – February 22

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  • The bulls are in control of the medium-term while the short-term outlook is in a range.
  • Traders should wait for a breakout or a breakdown before taking a position.

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOSUSD Price Medium-term Trend: Bullish

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

EOS is in bullish trend in its medium-term outlook. The bulls are gradually back after the minor drawdown to $3.75 in the demand area due to the formation of a bullish pinbar. Full confirmation of the bulls takeover occurred with the bullish marubozu formed at $3.80.

Today’s 4-hour opening candle at $3.80 sustained the bullish momentum with EOSUSD up at $4.00 in the supply area.

The price is currently above the two EMAs and the stochastic oscillator signal points up at 66%. These suggest an upward momentum in the medium term.

$4.50 in the supply area may be retested in the medium-term.

 EOSUSD Price Short-term Trend: Ranging

 Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOS is in a range-bound market in its short-term outlook. $4.01 in the supply area was high while $3.74 in the demand area was the low of yesterday. The cryptocurrency continues in a range-bound motion. $3.79 in the demand area was tested and closed as a hammer This brought back the bulls whose pressure led to EOSUSD up at $4.00 in the supply area.

The price is above the two EMAs and the stochastic oscillator signal is parallel an indication of the ranging scenario in the short-term.

EOSUSD is ranging and trading between $3.98 in the upper supply area and at $3.67 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence traders should be patient.

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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