Neo, NEOUSD, Cryptocompare chart

NEOUSD Medium-term Trend: Bullish

Supply zones: $80.00, $90.00, $100.00

Demand zones: $40.00, $30.00, $20.00

Neo is in a nice uptrend, and it justifies yesterday’s analysis. Daily candle opened above the three exponential moving averages crossover in bullish style. Today’s opening price ($59.71) was higher than yesterday ($51.89). The supply zone at $57.00 area was broken and the price formed a new supply area at $60.72. Sellers’ presence was seen as price was pushed down to the demand zone at $54.00 area. The price is within the three exponential moving averages; in the context of an uptrend, these areas are buying zones. More pressure to the upside would likely get price into another supply zone at $70.00 area in the medium term.

NEOUSD Short-term Trend: Bullish

Neo, NEOUSD, Cryptocompare chart

The bulls are in full control of Neo in the short term. They drove price up to the supply area at $58.00 before the market closed yesterday. A minor pullback created the double bottom that pushed the price to supply area at $60.72. A major Seller-off of Neo pushed the price down to the demand zone at $54.59. This created a nice double bottom. This bullish formation drove the price up above the three exponential moving averages crossover. A strong upward move will be seen in Neo in the short term. The stochastic oscillator was rejected at 50 percent level for a downward move, and now heading up with strong signal pointing up. The bulls have fully established their dominance.

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