EOSUSD Long-term Trend – Ranging

Distribution territories: $10, $15, $20.

Accumulation territories: $3.50, $2.50, $1.50.

EOS has kept on seeing a series of lower lows and lower highs throughout trading sessions this week. Its price dipped for a brief period, but the cryptocurrency has been in a range-bound zone between the $6 and $4 territories, just like it was between Aug. 19 and 26. It entered its current range on Sept. 6.

EOS, EOSUSD, Cryptocompare chartEOS Chart by TradingView

This crypto has been encountering strong selling pressure as most of its upward price movements have been very feeble, forming lower highs below or around the trendline of the 50-day SMA.

Currently, EOS’ price has been ranging around the 14-day SMA’s trendline. The 50-day SMA is above the 50-day SMA, but very close to it. The Stochastic Oscillators have touched range 20. They are now seemingly consolidating around the range.

In the next few days or weeks the cryptocurrency may, just like a few others, see a series of lower lows and lower highs. Its range is well-defined and as such investors are advised to join the market when the price pushes slightly southward.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.