EOSUSD Long-term Trend – Bearish
Distribution territories: $15, $20, $25.
Accumulation territories: $3, $2, $1.
UnlUnlike most other cryptocurrencies, EOS didn’t plummet against the US dollar this week, but instead moved in a ranging outlook. Noticeably, on Aug. 17, the cryptocurrency saw a strong spike in its price that helped it touch the 14-day SMA’s trendline.
On the following day, Aug. 18, the cryptocurrency went down a bit but kept close to the 14-day SMA. Today, Aug. 19, the crypto has been trying to push northward against the trendline of said SMA. EOS’ price has been averaging along its trendline as the 50-day SMA is above the 14-day SMA.
The Stochastic Oscillators have crossed into the oversold region and are pointing north below range 20. This means the bulls are getting ready to potentially come back into the market. The bears aren’t expected to be able to push past the accumulation territory of $4.
Either way the bulls are expected to keep maintaining a strong presence in the market to push the cryptocurrency’s price up. Traders may follow a strong move in favor of a bullish trend.
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