NEOUSD Medium-term Trend: Bullish
Supply zones: $100.00, $110.00, $120.00
Demand zones: $50.00, $40.00, $30.00
Neo medium-term outlook still remains bullish. The bullish run to break into the critical supply zone at $90.00 was a near miss. The bulls pushed price to $89.99 area and created the nice double top formation. This set the stage for the bears’ comeback. Price was pushed down to the $86.00 demand area. This area is within the 26 and 12 exponential moving averages. This area is buyers arena, hence the buying pressure that was experienced.
Daily opening price was $88.50, quite higher than yesterday opening of $85.25. This simply implies that more buyers are coming back to the market and this may likely lead to the bulls pushing price higher. Price is comfortably above the 50 exponential moving average which connotes bullish control. $90.00 supply area is still the bulls target and this may happen shortly.
NEOUSD Short-term Trend: Ranging
Neo is consolidating in the short-term. The bulls successfully moved price from the $83.00 demand area to the $89.00 supply area. This shows price long journey up around the three exponential moving averages. The bears’ impact could not drive price lower beyond the $85.00 demand zone.
Neo ranges between $89.00 supply area and $83.00 demand area. Stochastic oscillator is in the oversold region with signals pointing up. This implies strong upward momentum. More bullish candles closing above the three moving averages crossover are expected to justify the upward momentum.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
