NEO Long-term Price Analysis- February 5

NEO/USD Long-term Trend: Ranging

  • Supply zone: $13.00, $15.00, $20.00
  • Demand zone: $2.00, $1.00, $0.50

NEO long-term outlook remains in consolidation. $6.79 was the low of the last week trading session as the bears held the market under control within the range while $7.85 in the supply area was the high attained by the cryptocurrency. Although the new week and new month started on a bullish note as NEOUSD rose to $7.41 in the supply area on 2nd February, price is still below the two EMAs. This implies bearish pressure continuation. The two EMAs are fanned apart which implies strength in the context of the trend and in this case the downtrend.

Neo, NEOUSD, Cryptocompare chartNeo chart by tradingview

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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