Neo, NEOUSD, Cryptocompare chart

NEOUSD Medium-term Trend: Bullish

Supply zones: $100.00, $110.00, $120.00

Demand zones: $50.00, $40.00, $30.00

Neo‘s bullish scenarios in the medium-term continues. The bears came back strongly but met strong bullish resistance. The price was pushed down to the $75.00 demand area by the bears. The price at this demand area provides a double bottom formation. Moreover, a bullish hammer formation is seen, indicating that the bulls are coming back. The Stochastic Oscillator is in the oversold region, so we are likely to see a momentum to the upside in the medium term. As long as the $75.00 demand area holds and the bears don’t push below this area, Neo remains bullish in the medium term.

NEOUSD Short-term Trend: Bearish

Neo, NEOUSD, Cryptocompare chart

Neo’s short-term outlook returns bearish. The daily price opened at $82.97, lower than yesterday’s open of $90.84 and below the three exponential moving averages crossover. This simply implies the bears’ pressure and more sellers are coming back into the market. The price is forming higher lows and lower highs that are synonyms with a downtrend. The Stochastic Oscillator is in the overbought region, with its signal pointing down, implying that a momentum to the downside is likely.

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