Neo Price Analysis - April 24

  • Uptrend scenarios for both the medium-term and short-term outlook 
  • Responsibly buying at key demand zones advisable. 

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

Neo bullish trend continues. After the minor pullback, the bulls drove price up to the predicted $80.00 supply area with a nice engulfing candle from the $76.00 demand area. This move was seen coming as the drawdown was simply a correction for upward trend continuation. Price was pushed as high as $81.37 earlier today. Daily candle open at $76.36, above the three moving averages crossover suggestive of buying pressure.

The moving averages are fanned apart and this means strength is in the current trend. Rejection to bear pressure will likely be seen within the exponential moving averages especially the 12. The stochastic oscillator will likely see rejection around the 50 percent level due to the bulls fighting back and pushing price to a new high in the medium-term. The supply area at $85.00 is set for a test.

NEOUSD Short-term Trend: Bullish

Neo, NEOUSD, Cryptocompare chart

The uptrend is very much established in Neo in the short-term. After the bears pushed price to the $75.00 demand area, the Bulls staged a comeback, and price was pushed first to retest the $79.00 supply area, had a minor retracement and then a shot up to $81.37.

As recommended yesterday, strategic and risk managed buying at critical demand zones is advisable. The upward push from the $75.00 demand area is an example because of double bottom formation in this area. Traders should watch out for this type of responsible buying after pullbacks.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.