EOSUSD Long-term Trend: Bearish
Distribution territories: $15.00, $20.00, $25.00
Accumulation territories: $6.00, $4.00, $2.00
EOS lost a lot of its value against the US dollar. The cryptocurrency, which was previously seeing a series of lower highs and lower lows, was in a range format for a few days before it eventually declined on July 9 and 10. On July 11, the price began ranging movements until now.
It has been observed that the bears managed to push the price below the bottoms of a confluence Japanese candlesticks formed between June 26 and 29. The 50-day SMA is located above the 14-day SMA. EOS has been trading below the horizontal price line at $8.00 in the past few days.
The Stochastic Oscillators have dipped into the oversold zone past range 20. Now they are pointing northwards which suggests potential re-entry points. At EOS’ current price, any further downward movement can be a way to lure the bears into a fake assumption that may not last long.
Given its price and market valuation, buying into the cryptocurrency may be considered for small profits. Traders are advised to consider taking long entries by looking for a decent entry point while practicing appropriate financial management principles.
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