EOSUSD Long-term Trend - Ranging
Distribution territories: $15, $20, $25.
Accumulation territories: $3.50, $2.50, $1.50.
On September 5, EOS saw its price decline against the US dollar. Over the week, the cryptocurrency was being able to maintain an upward movement characterized by a set of short Japanese candlesticks that eventually saw its price touch the 50-day SMA from below, near the $7 territory.
On September 6, the cryptocurrency started seeing a set of lower lows, until it got to the $5 territory, set to go to the accumulation territory of $4. Its 50-day SMA is above the 14-day SMA.
The Stochastic Oscillators have moved southwards to touch range 20 and still point south. This suggests it’s still in a bearish trend. The bears, however, don’t seem to have the strength to push the market down like they did on Sept. 5. Investors are advised to buy the dip.
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