NEO/USD Long-term Price Trend: Ranging
- Supply zone: $20.00, $30.00, $40.00
- Demand zone: $2.00, $1.00, $0.50
NEO long-term outlook remains in consolidation. The strong bullish pressure was sustained as predicted in last weeks analysis and did breakout from the upper supply area on 9th January. NEOSUD was up at $10.08 in the supply area but closed as an inverted gravestone doji within the range, a strong signal to the bears return and confirmed with a bearish engulfing candle on 10th January as NEOUSD dropped to $7.72 in the demand area.
NEOUSD closed bearish after a further drop to $7.08 in the demand area on 13th January but the bulls are gradually taking over as indicated with yesterday bullish momentum with price up at $7.50. This led to the formation of a bullish railroad after the end of the session.
With the stochastic oscillator at 21% and its signal pointing up and price around the two EMAs. It suggests the bullish momentum may continue within the range in the long-term.
The cryptocurrency is in consolidation and trading between $9.60 in the upper supply area and at $6.20 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area will occur hence patience is required before taking a position.
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