EOSUSD Long-term Trend- Bearish

 

Distribution territories: $15.00, $20.00, $25.00

Accumulation territories: $6.00, $4.00, $2.00

EOS managed to slightly rebound against the US dollar during trading between July 15 and 17. The rebound, however, didn’t really impact its current bearish trend. On July 18, the cryptocurrency started retreating very slowly, until now.

EOS, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The bulls haven’t been able to convincingly push the cryptocurrency’s price past the 14-day SMA’s trend line. Both SMAs are still lightly bent southward as the 50-day SMA is located above the 14-day SMA.

The Stochastic Oscillators have moved to range 60, but are now pointing down. This calls for caution when entering new positions. The bulls will, as usual, have to garner momentum between the current lower highs and the immediate accumulation territory of $6.00 to eventually help the cryptocurrency’s price rise.

 A sudden breakout above the distribution territory of $10.00 can potentially lead to a bullish market. Investors can be on the lookout for a strong reversal to place buying orders while being cautious.

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