EOSUSD Long-term Trend – Ranging
Distribution territories: $15, $20, $25.
Accumulation territories: $6, $4, $2.
EOS was one of the cryptocurrencies that didn’t have a lot of meaningful market interactions over the past week. This cryptocurrency has been starting a ranging movement since roughly July 18. There have been several lower lows than lower highs in its ranging features.
Currently, neither the bulls nor the bears have been actively pushing the market either way. Market action has been slow, in line with the slow-moving trend-line of the 14-day SMA that is seemingly staying at a fixed level. However, the 50-day SMA is still above the 14-day SMA as there’s still a tiny space between them.
The Stochastic Oscillators struggled to move a bit past range 60, but are now pointing south, a little above said range. This could mean selling action may somewhat influence the market. EOS still needs to recover from losses caused by a Japanese bearish candlestick that appeared on June 22, and led it to the distribution territory of $10.
The current price ranging movement may be prolonged to favor lower lows over lower highs for the next few days. With EOS a little patience needs to be sued in order to get a decent, safe long entry.
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