Neo, NEOUSD, Cryptocompare chart

NEOUSD Medium-term Trend: Bullish

Supply zones: $90.00, $100.00, $110.00

Demand zones: $40.00, $30.00, $20.00

The bulls are having a good day as Neo continues its uptrend. The daily candle opened above the three exponential moving average crossovers, at $66.50, which is higher than yesterday’s open of $59.71. These are confirmations that the bulls are in full charge. The three moving averages are fanned apart, indicative of strong strength. The price is making higher highs and lows, associated with the uptrend set up. We could see a rejection to the bear pressure 12 exponential moving average in the supply zone at $64.84. A momentum to the upside is much expected as the stochastic oscillator is still pointing up. More buyers presence would likely push the price into the supply zone in the $70.00 area.

NEOUSD Short-term Trend: Bullish

Neo, NEOUSD, Cryptocompare chart

Neo bullish trend continues in the short-term. After driving the price to the supply zone at $66.83 yesterday, the bulls resumed this morning with a stronger push to the $68.29 supply area. Sellers, pushed the price to the demand area at $64.62 twice, creating a nice double bottom, as we can observe in the chart above. We are surely going to see more momentum to the upside and a break of the $68.29 made earlier in the day, as more buyers take a position in Neo. We see more candles closed and formed above the three exponential moving crossover, suggestive of the bulls’ pressure. A break of resistance at $68.29 will see Neo comfortably in the supply zones at $70.00.

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