NEOUSD Long-term Trend: Bullish
Supply zone: $90.00, $100.00, $110.00
Demand zone: $50.00, $40.00, $30.00
Long-term, the bulls are still in charge of Neo. After breaking past the $80.00 supply zone, Neo has been making new highs. This week opened bullish with the price floating around $87.82 as opposed to last week’s opening price of $78.31.
This suggests more buyers are entering the market for the long run. Price is above the three EMA crossovers, sitting comfortably on the 12. This suggests strong bullish pressure. The moving averages are fanned apart, which connotes strength in the trend’s context, in this case, an uptrend. Stochastic oscillator is above the 50 percent level, meaning this is still buyers region.
The bears’ impact cannot be completely ruled out as we will see some minor retracements. This is for a market correction to occur. As long as the $80.00 demand zone is not broken down, the bulls will continue to maintain a stronghold of the market. A retest of $94.73 supply area of April 29 is imminent, and a close above this will see the bulls pushing the price to the $95.00 supply zone.
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