Neo, NEOUSD, Cryptocompare chart

NEOUSD Medium-term Trend: Bullish

Supply zones: $60.00, $70.00, $80.00

Demand zones: $50.00, $40.00, $30.00

Price of Neo is now in an uptrend. The break and close of the daily candle above the supply zone of $49.00 triggered the uptrend as analysed yesterday. The buyers are really having a great day as price is very much above the three moving averages, forming higher highs and higher lows, which are typical of an uptrend. Moreover the moving averages are fanned apart (strong trend). More momentum is possible to the upside in the coming day.

Neo, NEOUSD, Cryptocompare chart

NEOUSD Short-term Trend: Bullish

As analyzed yesterday that the bulls are gathering momentum, the break of the supply zone at $49.00, formation of a bullish engulfing candle at a point of the three exponential moving averages crossover, providing a confluence confirmation. We may likely see a little retracement but it is a continuation to the upside, especially if they are within the three exponential moving averages. These are possible buying zones. The stochastic oscillator is in the oversold area and likely for the buying pressure to continue.

 

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