Neo Price Analysis - April 23

  • Medium and short-term biases are bullish.
  • Pullbacks are areas of responsible buying.

Neo, NEOUSD, Cryptocompare chart

NEOUSD Medium-term Trend: Bullish

Supply zones: $90.00, $100.00, $110.00

Demand zones: $50.00, $40.00, $30.00

The medium-term outlook for Neo is bullish. The bulls succeeded in pushing the price to a $79.74 high on 20th April, after forming higher highs and higher lows that are characteristics of uptrends. The sellers' presence was much felt as the price fell to the $70.00 demand area. As rightly observed last week, as long as this demand area is not broken, the uptrend remains valid and establishes the bulls’ dominance. The daily candle opened above the three exponential moving averages crossover. This suggests more buyers are coming into the market. The stochastic oscillator is in the buyers’ area at 76.77%, with its signal pointing up, indicating a strong momentum to the upside. The $80.00 supply area is very much close by.

NEOUSD Short-term Trend: Bullish

Neo, NEOUSD, Cryptocompare chart

The bulls are still in charge of Neo in the short-term outlook. The bears' impact on the pairs was limited at the $73.00 and $76.00 demand areas as we saw the bulls sustained the tempo and pushed the price up to the $78.36 supply area. Pullbacks are definitely going to be seen, but the three exponential moving averages will act as strong support against the downward trend. Buying around the demand zones especially where we have double bottom formations are highly recommended.

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