NEO/USD Long-term Trend: Ranging
Supply zone: $20.00, $30.00, $40.00
Demand zone: $5.00, $3.00, $1.00
NEO’s long-term outlook is range-bound. The $6.75 e demand area was the crypto’s lowest point of the week, as the bearish pressure started losing momentum shortly after it was reached. This was due to the formation of a bullish hammer – a trend reversal signal. The bulls did return and pushed NEO’s price up to $8.99 in the supply area on November 29.
A bearish engulfing candle on November 30 confirmed the bears’ control of the market as the price dropped to $7.35 in the demand area.
Although the new week opened with a bullish candle at $7.74 on December 1, taking the price up to $8.64 in the supply area, the bears regained control and the struggle between the bulls and the bears continued within the range
NEO is now in consolidation and trading between $10.40 in the upper supply area and $6.50 in the lower demand area of the range. A breakout will mean the crypto’s price may surge, while a breakdown means it’s time to short. Patience is required to allow this to happen before a position is taken.
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