NEOUSD Medium-term Trend: Bullish
Supply zones: $80.00, $90.00, $100.00
Demand zones: $40.00, $30.00, $20.00
Neo remains bullish on the medium-term outlook. The price rose to the supply zone at $67.00 area, created a double top and then pulled back to the demand zone at $62.01.The bulls’ pressure drove the price to the $71.45 supply zone earlier today, the highest since 22nd March. A market correction was expected and that is what we saw. The bears came in and pushed the price down to the demand zone in the $65.00 area. A momentum to the upside is expected as the stochastic is in the oversold area, and as more candle closed above the three moving averages crossover. We should see Neo closing above the supply zone at $70 which will nicely bring in more buyers and the price is likely to get to $75.00 in the medium term.
NEOUSD Short-term Trend: Bullish
Neo’s bullish dominance in the short-term is really threatened by the bears. The daily opening price at $70.49 was indeed the highest since 24th March. This was supposed to drive the price up, but this was not the case. The momentum for the upside could not be sustained as the bears pushed the price down to the demand zone in the $65.00 area. The double bottom formation was created in this area. It, therefore, means that the possibility of a bullish takeover is high. We are likely to see more buying that will push the price up to the $70.00 supply zone, after the correction ends in the medium term
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