EOSUSD Long-term Trend – Bearish
Distribution territories: $5, $6, $7
Accumulation territories: $2, $1.50, $1
EOS price has been under an intense falling pressure last week. The cryptoasset was formerly trading within a range of $3.5 and $3 territories between November 25 and 26 this week, forming a resistance at $3.
The $3 lower range point has been slightly breached southwards to approach $2.50 mark. The market value now sits below the lower range mark. Price still currently appears to be pushed southwards underneath the $3 market horizontal mark. The 14-day SMA is located below the 50-day SMA.
The Stochastic Oscillators are consolidating within the oversold zone to still confirm a bearish market movement. While the current Stochastic Oscillators’ consolidation movement keeps on lingering within the oversold zone, more selling pressure is likely to be experienced in the next trading sessions. But a reversal from bearish move shouldn’t be completely ruled out as a breakout of the $3.50 point could invalidate the bears’ presence in the market.
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