EOSUSD Long-term Trend: Bullish
Distribution territories: $25.00, $30.00, $35.00
Accumulation territories: $$15.00, $10.00, $5.00
EOS has been tremendously appreciating against the US dollar. The cryptocurrency managed to reach a high point on April 28, above the distribution territory of $20.00. On the following day, the bears took over and managed to push back the market to touch the northward trend line of the 13-day SMA. Currently, price has been traded along the 13-day SMA’s trend line, which has crossed 50-day SMA from below.
The Stochastic Oscillators have moved down a bit to touch the 50 range, but have now crossed, pointing northward. As has already been established by both indicators, EOS still possesses the potential to gain more against the US dollar.
The bullish market can settle for a few weeks or months. Investor can potentially join the current market trend by watching out for a pullback from a bearish move and enter the market. Swing and position traders can be on the lookout for a long-bullish candlestick that can breach past the distribution territory before taking a long entry. Traders should always practice proper money management.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
