- Price is seen along a horizontal path on the two exponential moving averages;
- the price might go up this week;
- traders should trade cautiously within the range.
EOS/USD Long-term Trend: Ranging
Resistance levels: $6.8, $9.4, $11.4
Support levels: $4.1, $2.0, $0.5EOS/USD is consolidating in its long-term outlook. The upper week was bullish but the bullish momentum gradually weakened last week as the bulls have no power to drive past the resistance level of $6.8. This brought the market to the current ranging situation. Price is seen along a horizontal path on the two exponential moving averages.
This is a clear consolidation scenario, no definite market direction. More pressure from the buyer may push the price up and break the resistance level of $6.8. Also, in case the bears increase their momentum the price may be pushed down and break the support level of $4.1. Traders should patiently wait for a breakout to the upper range or a breakdown to the lower range before taking any position in the medium-term
On the daily chart, the Stochastic Oscillator Period 14 is above the level 50, with its signal lines pointing towards north, which indicates there could be a bullish movement this week towards the resistance level of $6.8. Nevertheless, there may be a downward movement towards the support level of $4.1 in case the bears increase their momentum.
EOS/USD Price Medium-term Trend: Ranging
The cryptocurrency is ranging in the short-term. The bulls failed to break past the resistance level of $6.8 and sets in the bear whose momentum was not strong enough to break below the support level of $4.1. EOS is trading within the resistance level of $6.8 and the support level of $4.1 price range.
A breakout from the upper range and a retest of the supply area will lead the coin back up to the upper resistance level of $9.4, while a breakdown below the lower range of $4.1and a retest of the same area will take EOS down to the support level of $2.0.
The price is seen along a horizontal path on the 10-day EMA and the 50-day EMA, confirming the consolidation. Traders should trade cautiously within the range adopting best range strategy to take a small profit.