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.

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

 

Bitcoin Drops Below $8550 for First Time in a Week

Siamak Masnavi

Around 19:55 (UTC) on Tuesday (January 21), the Bitcoin price fell below $8,550 for the first time since January 14, thereby helping to drag down the price of many altcoins by single-digit percentages.

According to data from CryptoCompare, although Bitcoin had been mostly trading above the $8,600 level since 14:00 (UTC) on January 14, dropped to $8,526 around 19:55 (UTC) on January 21, as we can see in the two-week BTC-USD price chart shown below:

BTC-USD 2 Week Chart on 21 Jan 2020.png

Naturally, this has hurt the prices of many altcoins; here are a few examples:

  • Ethereum (ETH): $167.84; down 0.26%
  • Bitcoin Cash (BCH): $342.92; down 2.24%
  • EOS: $3.62; down 1.55%
  • Stellar (XLM): $0.0629; down 1.64%

Popular crypto analyst/trader Josh Rager, who is also a Co-Founder of online crypto learning platform Blockroots, as well as an advisor to several blockchain startups, offered this bit of technical analysis: 

 

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