NEO/USD Long-term Trend: Ranging
- Supply zone: $20.00, $30.00, $40.00
- Demand zone: $2.00, $1.00, $0.50
NEO long-term outlook continues in consolidation. The 50-EMA acted as resistance against further upward movement on 19th January after last week rally to $8.47 in the supply area. The bulls lost momentum as the bears staged a gradual return within the range.
This first day of the trading week closed as a large bearish candle as NEOUSD dipped to $7.34 in the demand area. With the stochastic oscillator at 15% and its signal pointing down in the oversold region and the price below the two EMAs, the bears may continue their journey down south within the range.
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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