NEOUSD Long-term Trend: Bearish

Supply zone: $80.00, $90.00, $100.00

Demand zone: $50.00, $40.00, $30.00

The bears are now in charge of Neo on the long-term. The bulls lost their grip of the market, which they have been holding on to since April 8, to the bears on May 3.The formation of bearish railway tracks at the $90.00 critical supply zone sets up a comeback for the bears

The bearish pressure and presence were strong as key demand zones at $80.00, $70.00 and $60.00 were broken. The cryptocurrency’s price is below the three EMA crossovers, which connotes strong bearish pressure. The bullish formation above the $60.00 demand zone is significant. It implies that a bullish pullback may likely be seen. A market correction should be considered if we see further downward continuation.

Neo, NEOUSD, Cryptocompare chart

The bears’ dominance in the market will continue as the week progresses. Further bearish candles may be formed at key demand areas to further push Neo down. The retest and break of the $60.00 demand zone may occur. The bears’ target is possibly the $50.00 zone.

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