Neo, NEOUSD, Cryptocompare chart

NEOUSD Medium-term Trend: Bullish

Supply zones: $70.00, $80.00, $90.00

Demand zones: $50.00, $40.00, $30.00

A bullish bias remains in the medium-term outlook of Neo. The bears did ensure the $50.00 demand zone target was finally achieved as they pushed further down from the $55.00 supply area.

The formation of a bullish hammer and a large engulfing candle brought the bulls back to the market. The leg of wave 5 of the Elliot strategy was extended down to the new demand zone, while uptrend remained valid. Daily candles opened bullish at $54.63 compared to yesterday’s opening of $52.40.

This means that more buyers are in the market. Likewise, the price is above the 3-EMAs crossover, which denotes increased bullish pressure. As more bullish candles form and close above the EMAs crossover, the bulls’ target at the $65.00 supply zone may likely be attained in the medium-term.

 NEOUSD Short-term Trend: Bullish

Neo, NEOUSD, Cryptocompare chart

Neo remains bullish in the short-term. The bears lost momentum after dragging the price down to the $50.00 critical demand zone, achieving their long-time target. You can see from the charts that the formation of a bullish hammer and subsequently of bullish candles gave the bulls control of the market as they pushed the price higher to the $56.00 supply zone.

Neo’s price has been showing higher highs and higher lows, a scenario which is a trending market characteristic. We may likely see higher highs and higher lows as the stochastic oscillator letso ut a strong upside momentum.

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