Neo Long-Term Price Analysis

  • The bearish trend continues as sellers are set to take Neo to a new low. 
  • A good strategy may be to wait for bearish candles to form at supply areas before going short.

NEOUSD Long-term Trend: Bearish

Supply zone: $80.00, $90.00, $100.00

Demand zone: $50.00, $40.00, $30.00

The bears continue to dominate Neo in its long-term outlook. The bulls never got enough momentum to push the cryptocurrency’s price up again, after a strong bearish push that broke the critical demand zone at $70.00.

Their comeback attempt was rejected by the bears with long bearish engulfing candles. A flag formation can be seen in the pair and what follows is the price being pushed down by the bears.  You can see that the 12-day EMA acted as a strong resistance for the price’s upward moves.

Neo, NEOUSD, Cryptocompare chart

A bearish railroad formation and a flag around the 12-day EMA are obvious from the chart. What these combinations will turn out to give may be a strong bearish momentum that is expected to further push the price down to the $50.00 demand area, which is the bears' target in the long-term. The stochastic oscillator is in the oversold region with no sign for a reversal to the upside which connotes further bearish continuation.

 

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