Neo Price Analysis - May 8

  • The medium and short-term outlook is ranging
  • Responsible buying at demand areas recommended

Neo, NEOUSD, Cryptocompare chart

NEOUSD Medium-term Trend: Ranging

Supply zones: $100.00, $110.00, $120.00

Demand zones: $50.00, $40.00, $30.00

Neo continues ranging in the medium-term outlook. The bears and the bulls continue the struggle over dominance in the market. The bears succeeded in pushing the price down to $75.92 demand area from the supply area at $83.81. The bulls never pushed the price up to this point again but managed to push to the $81.16 supply area. The bears likewise fairly pushed price down to $78.27. The moving averages acted as resistance to the upward price move as seen from the chart. The daily candle opens bullish at $78.41. It thus means that we are likely to see bullish moves as more buyers come back to the market. Formation of a double bottom around demand areas should be seen as opportunity to go long as the consolidation continues.

NEOUSD Short-term Trend: Ranging

Neo, NEOUSD, Cryptocompare chart

Neo continues its consolidation in the short-term. The double bottom formation at the $76.00 demand area was a nice setup for the bulls. They pushed price to the $81.00 supply area after overcoming the bears at $79.83. The bears' impact pushed down the price to the demand area at $78.97. The stochastic oscillator is at 50 percent and signals pointing up. This indicates momentum to the upside. As more bullish candles will be formed and closed above the exponential moving averages, traders could take advantage of buying within the ranging market.

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