Neo, NEOUSD, Cryptocompare chart

NEOUSD Medium-term Trend: Bullish

Supply zones: $70.00, $80.00, $90.00

Demand zones: $40.00, $30.00, $20.00

Neo is in a smooth upward trend. The price, above the three exponential averages, is indicative of bulls’ pressure. Likewise, the daily candle closed and a new one formed above the three moving averages crossover, all signs of the bulls presence. The three moving averages are fanned apart, showing strength in trend. The bulls are likely to push the price to the supply zone at $57.00, which was the high on the 9th of April. This will form a nice double top. At that area, traders should wait for a break and close above the supply zone at $58.00, before riding it to the $60.00 supply area. 

NEOUSD Short-term Trend: Bullish

Neo, NEOUSD, Cryptocompare chart

The bulls are still in control of Neo. Looking at the chart, we can see the price forming a nice higher high and higher low which is peculiar to the uptrend. Minor pull back occurred at the supply zone of $54.29 and sellers pushed the price to the demand zone at $53.00. The Bullish Pin bar formation at this demand zone pushed price back up to the supply area at $55.22. This created double top scenario, as seen in the chart. The three exponential moving averages are fanned apart and the price is above them, meaning more bullish pressure. Stochastic oscillator is up signalling more momentum to the upside. A break of the supply zone at $55.00 area is likely imminent, and this will bring Noe to the $56.00 supply zone.

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