EOS Long-term Price Analysis

Azeez Mustapha
  • The pair saw its value go down on May 23.
  • The bears' grip on the market is seemingly weakening.

EOSUSD Long-term Trend: Bullish

 

Distribution territories: $20.00, $25.00, $30.00

Accumulation territories: $$8.00, $6.00, $4.00

EOSUSD’s trend remains bullish as the market felt no notable decline in the past few weeks. The pair recently witnessed a major reduction in value on May 23, towards the accumulation territory of $10.00. On May 24, the bears lost the driving strength to the bulls, that subsequently pushed the market northwards to the point of slightly going past the distribution territory of $15.00.EOS, EOSUSD, Cryptocompare chart

On June 3, the asset’s value was slithly driven southward but, eventually, it was noticeable that the pair moved in a range-bound movement as there were a series of short bullish and bearish Japanese candlesticks forming.

The 50-day SMA is above the 13-day SMA. Both the Simple Moving Averages are pointing north. The price has breached past the trend-line of the 13-day SMA but it is currently trading along the 50-day SMAs trendline.

The Stochastic Oscillators have moved north, close to range 80. It is believed the asset will see some bullish movements, as the bears get pushed. The bears’ grip on the market is seemingly weakening. Traders, and position traders can probably enter long trading positions just like investors considering buying into the asset.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.