Neo, NEOUSD, Cryptocompare chart

NEOUSD Medium-term Trend: Bearish

Supply zones: $100.00, $110.00, $120.00

Demand zones: $50.00, $40.00, $30.00

A bearish scenario is seen in Neo on the medium-term outlook. The battle during consolidation was finally won by the bears as they broke the $75.00 lower price range. The bulls lost momentum as their upward move was rejected at the 26 exponential moving average before the bears set in. The long bearish engulfing candle did the breaking of the critical demand zone because it was a strong support. The price is nicely below the three moving averages crossovers and the exponential moving averages are fanned apart. This suggests an increased bearish pressure and a strong downtrend respectively. The daily candle opening price was $77.50, lower than yesterday’s opening at $78.41. A retest of the $75.00 area is possible as the bulls tried to stage a comeback. This should be seen as a retracement for a further downtrend continuation

NEOUSD Short-term Trend: Bearish

Neo, NEOUSD, Cryptocompare chart

Neo broke down from consolidation and returns bearish in the short-term. The bears broke the lower price range of $76.00 with multiple bearish candles as the bulls lost control of the market. The bulls’ weakness was further seen in the reduction in their momentum. The price was pushed to the $78.00 supply zone twice. The bears’ strong comeback at the double top formation in the supply area pushed the price down to the $72.00 demand area. The stochastic oscillator is in the overbought region, which suggest a downward momentum imminently.

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