NEOUSD Long-term Trend: Bullish
Supply zone: $90.00, $100.00, $110.00
Demand zone: $50.00, $40.00, $30.00
An uptrend continuation in the long-term is seen in Neo. The week opened on the high side with the price at $74.51. This was higher than last week’s open of $66.06. Neo continued to form higher highs and higher lows after the breakout from consolidation. We also saw the bulls pushing the price to the $79.29 supply area. The bears’ presence was observed in this supply area due to the double top formation at the same point on 20th March and 20th April. The price is above the three moving averages crossover which indicates bulls’ pressure and we are likely to see more candles formed and close above the crossover.
The tempo of the upside momentum will be sustained in the coming days. A break at the $79.00 supply area is much likely. Flashes of price around the $70.00 demand area by the bears are likely but this will serve as a good bullish comeback to push the price to the $90.00 supply zone in the long-term.
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