EOSUSD Long-term Trend – Ranging
Distribution territories: $10, $15, $20.
Accumulation territories: $4, $3, $2.
Over the past few weeks EOS’ price has maintained its ranging trend. The last time the cryptocurrency had a notably strong spike was on August 17. It also declined later on September 5. In the following trading sessions, it has been seeing a set of lower lows and lower highs.
The $6 and $4 territories are still the cryptocurrency’s range. EOS has still been hovering along its 14-day SMA which is located above the 50-day SMA within the range. The Stochastic Oscillators are now in a full-fledged consolidation move around range 60. This should sound as a warning traders should let the market pick up a direction before entering positions.
The crypto’s price still needs to go further south before it has a chance of making a strong bull run.
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