EOS Long-term Price Analysis

Azeez Mustapha
  • The crytocurrency saw its price surge earlier this week.
  • The bears’ potential to short the market seems to be disappearing.

EOSUSD Long-term Trend: Bullish

 

Distribution territories: $15.00, $20.00, $25.00

Accumulation territories: $6.00, $4.00, $2.00

EOS surged against the US dollar last week. On July 2, the cryptocurrency saw a major price increase after witnessing a confluence of Japanese candlesticks between April 26 and July 1. On July 3, the crypto began seeing its movements in a range format outlook until now.

EOS, EOSUSD, Cryptocompare chartEOS Chart by TradingView

Buyers seem to be slowly staging a comeback into the bullish market as the emergence of a bullish Japanese candlestick points that way. EOS’ price is currently hovering a bit above the 14-day SMA’s trend-line, while the 50-day SMA is located above it.

The two SMAs are bent northwards. This indicates that there are still more ups than lows in the price. The Stochastic Oscillators have swung upward past range 40. This also indicates that there is still more buying going on in this cryptocurrency’s markets.

It now seems Eos has amassed a strong foundation for the bulls to thrive and stage a strong bullish breakout. The bears’ potential to short the market seems to be disappearing. Both traders and investors can look out for long entry points, with appropriate fund management practices.

 

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