EOSUSD Long-term Trend – Ranging
Distribution territories: $10, $15, $20.
Accumulation territories: $4, $3, $2.
During last week’s trading sessions, EOS has seen its price go through a series of ranging movements. The crypto is currently in a range-bound zone between the $6 and $4.5 territories.
The 14-day SMA has successfully intercepted the 50-day SMA from below. EOS’ price action has been very weak along the 14-day SMA’s path. The 14-day SMA is now located over the 50-day SMA with a very short space between them.
The Stochastic Oscillators have moved upwards to find their location around range 60 as they are seemingly consolidating around it. This simply suggests that trading may be suspended for a while. Territories between the prices of $6 and $4 are distinctive regions that the crypto may potentially use to build its foundations for a bearish reversal.
A bullish market is expected to come into play in the long run. Traders are advised to watch out for a strong bearish reversal to enter a long entry position.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
