EOSUSD Long-term Trend - Bearish
Distribution territories: $15, $20, $25.
Accumulation territories: $3, $2, $1.
EOS saw its price significantly decline against the US dollar last week. About four months ago, the cryptocurrency experienced a decent spike in its price seen on April 11. The crypto then steadily started climbing, towards the distribution territory around $25, which has remained its peak to date.
On April 30, the cryptocurrency kept on losing value, and now the bullish foundation created on on April 11 has been breached southbound on August 8, by the bears who were able to see EOS drop further.
The cryptocurrency’s price has been averaging towards the accumulation territory of $4. The 50-day SMA is located above the 14-day SMA. Stochastic Oscillators have entered the oversold zone and are now consolidating within it. This means the bearish trend may be about to end.
Every indicator seems to show the cryptocurrency will drop to test the accumulation territory at $4 or a bit below it. EOS may experience spikes between the prices of $6 and $3. A sudden break above $6.50 may lead to a bullish market. Currently, there are no bright signals to enter any positions.
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