EOSUSD Long-term Trend: Bullish
Distribution territories: $15.00, $20.00, $25.00
Accumulation territories: $6.00, $4.00, $2.00
Like many other cryptocurrencies, EOS experienced another price decline in value against the USD last week. The crypto asset saw a slight reduction in its market worth in a slowly ranging outlook. The bulls have been dragged into a tight corner by the bears’ severe market strength.
EOS’ price has been moving up and down below the 14-day SMA’s trendline. The 50-day SMA is located above the 14-day SMA. This means traders and investors should be carefully when taking any position for the time being.
The Stochastic Oscillators have penetrated into the oversold zone, and are now seemingly consolidating within it. This suggests that the fall in the price is slowly coming to a halt. Looking at the way that EOS has been tumbling against the US dollar, the bears force the price further down towards the next immediate accumulation territory of $6.00.
The bulls possibly can resurface when a strong bullish engulfing Japanese candlestick eventually forms. Precaution needs to be applied in order to get a decent long entry in point in EOS.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.