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.
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.
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