EOSUSD Long-term Trend – Bearish
Distribution territories: $6, $7, $8
Accumulation territories: $3, $2, $1
This week’s trading sessions have seen EOS lose a significant portion of its value against the USD. A strong Japanese bearish candlestick emerged on November 19, breaking the cryptocurrency’s expectations to move north past some distribution territories.
Last week, EOS saw its price decline significantly. Its 50-day SMA is located above the 14-day SMA. Its price is below both SMAs. The Stochastic Oscillators moved into the oversold zone and are currently consolidating within it, suggesting the bears are still strong.
The bearish trend is expected to last for the next few days, until a prove movement manages to break northwards of the $3.8 and $4 marks. The $4 and $3 marks could, however, turn out to be EOS’ new range.
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