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EOS/USD Long-term Trend: Ranging
Resistance levels: $ 6, $7, $8.
Support levels: $5, $4, $3.
The EOS/USD pair is range bound between the levels of $5 and $6. On September 28, the price of EOS reached the high of $6 and was resisted. The cryptocurrency fell and commenced a range bound movement above the price of $5 . The exponentials moving averages are horizontally flat along with the price bars. On October 15, the crypto's price reached the high of $6.08 in a price rally and was resisted.
The price fell to $5.41 and it is making a bullish movement to the upper price level. Traders can initiate trades at the upper and lower price level when an asset is range bound. Nevertheless, the price of EOS is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The MACD line and the signal are below the zero line which indicates a sell signal
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.