EOSUSD Long-term Trend – Ranging
Distribution territories: $15, $20, $25.
Accumulation territories: $3, $2, $1.
It has been clear the since Aug. 18 EOS’ price has been ranging between the high and low points it saw on Aug. 17. On that day the cryptocurrency’s price rise proved unhealthy as it was followed by a succession of lower lows and lower highs.
It must also ne noted that EOS’ price has been moving in a faint way for the past few days, along the 14-day SMA’s trendline, slightly above the accumulation territory of $4. The 50-day SMA is above both the $6 mark and the 14-day SMA. The Stochastic Oscillators have moved briefly past range 20 as they are now seemingly consolidating above it.
This means that entering any trading positions should be avoided for a while. While the cryptocurrency is in a range, its outlook suggests it may be pushed further down to test the accumulation territory of $4 or even to break past it.
While that occurs the bulls could be using said territories to build a strong foundation and stage a comeback into the market. If that’s the case, it would be wise to consider entering long positions.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
