EOSUSD Long-term Trend: Bullish


Distribution territories: $20.00, $25.00, $30.00

Accumulation territories: $$7.00, $5.00, $3.00

EOS has continued to lose against the US dollar A major decline first occurred on June 10, and another one occurred on June 22. The bears succeeded at pulling the price past the cryptocurrency’s previous June 10 low.EOS, EOSUSD, Cryptocompare chartSource: CryptoCompare

The bulls seem to have been devastated by the bears’ violent force. The two SMAs are still strongly bent southwards while the 50-day SMA is above the 13-day SMA. The price action has been trading against the April 11 bullish Japanese candlestick that signified a bullish market until April 29.

The Stochastic Oscillators were initially consolidating close to range 20 but have now dipped into the oversold territory a bit past it. The cryptocurrency’s value may still be subjected to further selling pressure.

 The bulls may have to stage a comeback by gaining an advantage at any possible occurrence of a long bullish Japanese candlestick. Investors can hold back from buying the asset for a while. Traders can trade along its price’s direction. Always ensure proper financial management rules.

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