EOSUSD Long-term Trend: Bullish
Distribution territories: $20.00, $25.00, $30.00
Accumulation territories: $$8.00, $6.00, $4.00
EOSUSD’s chart still shows a trend that’s looking more bullish than bearish. The bears have been pushing the value of EOS south against the US dollar towards the accumulation territory of $10.00 up until May 23. On the following day, a bullish Japanese candlestick was formed, and double bottoms were also seen. Since then, the bulls have been pushing harder against the bears.
The bears seem to have lost strength in the current market trend as the digital currency is now enjoying a spike in its price. The 50-day SMA is above the 13-day SMA, but the 13-day SMA is now bent, pointing northward from below the 50-day SMA as the price has managed to break the 50-day SMA to touch the distribution territory of $15.00.
The Stochastic Oscillators have moved up above the range 50 from the oversold zone, and are currently pointing northward. The bulls are expected to continue pushing the market north against the bears’ moves. The EOSUSD pair may see a little price decline, but it may lack the potency to last days or weeks.
Investors can now again look for long position entries. Traders can be on the lookout for either an upward reversal or a downward reversal to place entries in the direction of the reversal by practicing good fund management strategies.
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