NEO/USD Long-term Trend: Bearish

  • Supply zone: $15.00, $20.00, $25.00
  • Demand zone: $3.00, $2.00, $1.00

NEO‘s long-term outlook returns to a bearish trend. The bears succesfully overcame the battle within the range of last week analysis breaking the $6.50 of the lower demand area on 6th December with a large bearish candle and closed lower at $6.02.

The bears’ journey down south was briefly halted after NEOUSD dropped to $5.46 on 7th December as the daily candle ended as a bullish hammer an indication of exhaustion denoted with the wick.

$7.09 in the supply area was the high the bullish pressure got the coin to on 9th December before it was rejected by the 50-EMA and the session ended as an inverted hammer.

Neo, NEOUSD, Cryptocompare chartNeo chart by tradingview

It thus implies that the bullish momentum that resulted in the retest of the broken demand area was a pullback. This is important for the market correction before the bears resume the downward journey.

The stochastic oscillator is in the oversold region at 17% and it signal points up which implies a brief upward movement in price before the bears’ expected impulsive move and consequent downward momentum in the long-term.


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