EOSUSD Long-term Trend: Bullish
Distribution territories: $25.00, $30.00, $35.00
Accumulation territories: $$10.00, $8.00, $6.00
The EOSUSD trading pair started the week bullish until May 9. On May 10, the pair declined strongly, to the extent of breaking the accumulation territory of $15.00, and it kept on dropping towards the accumulation territory of $10.00.
Its price was initially hovering along the trend line of the 13-day SMA above the 50-day SMA but it eventually fell and breached past both the trend line and vertical line of the 50-day SMA and accumulation territory of $15.00, respectively.
Currently, it is averaging below the distribution territory of $15.00. The Stochastic Oscillators have touched a bit past the range of 50 and still point southward. Nevertheless, the bears can still take advantage of the current market.
The market value is expected to pull back and make a clear way for the bulls to push through. Investors can join the market trend by watching out for a pullback from a bearish move. Traders can look for a strong pullback that can breach past the distribution territory of $15.00, before taking a long trade with a good use of proper financial 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.
