EOSUSD Long-term Trend: Bullish
Distribution territories: $20.00, $25.00, $30.00
Accumulation territories: $$7.00, $5.00, $3.00
Last week, EOS endured a severe decline in its value. EOSUSD seems to be steadily losing the hold of the bullish trend. The sudden increase in the value of the US dollar on June 10, saw EOS’s value drop. The market value declined to touch the accumulation territory of $9.00.
The asset has been traded between the axis of parallel lines marked at $13.00 and $10.00. The 13-day SMA is slightly bent southward below the 50-day SMA. The Stochastic Oscillators have touched range 20 from the top. This suggests a caution when taking further short trades against the asset.
The possibility of the asset’s value falling below the accumulation territory of $9.00 cannot be overruled. Pushing EOS further south may not attract strong bearish sentiments. In that case, both traders and investors are expected to take note of the possible emergence of a bullish Japanese candle to denote a probable decent long entry.
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