NEOUSD Long-term Trend: Bearish
Supply zone: $60.00, $70.00, $80.00
Demand zone: $40.00, $30.00, $20.00
The downtrend is still valid for Neo in weeks ahead. The pair keeps struggling within the demand zone. The formation of a bullish doji with open price at $47.05 on April 1st makes no impact as we saw Neo ending the week at $44.28. Momentum to the south is likely to continue as price is below the three exponential moving averages and keeps forming higher lows and lower highs that are common features of a downward trend. Stochastic oscillator is far below at 13 percent oversold level with possibility of getting lower as the week goes by.
Signs of reversal to the upside are quite absent in the pair on long term. Although the week is starting bullish with a railway track, meaning moves to the upside is likely but these could be possible fakeouts and then sellers will later take over the control of the markets, and exert their dominance and could likely bring price further down into demand zones.
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