NEO/USD Long-term Trend: Ranging
- Supply zone: $15.00, $20.00, $25.00
- Demand zone: $2.00, $1.00, $0.50
NEO is in a range-bound market in its long-term outlook. The bulls had a sweet ride up to $9.56 in the supply area as predicted last week. Increased momentum led to the breakout on 16th March as NEOUSD made a high of $8.61before the end of the week but shows exhaustion as the daily candle shows wick.
Although the bears’ control of the market in the range was gradual closing with a bearish candle on 17th March with $8.61 as the low of the day. Confirmation of full takeover occurred when the 10-EMA was broken yesterday 18th March as ADAUSD dropped further down to $9.10 in the demand area.
With the price below the 10-EMA and the signal of the stochastic oscillator pointing down at 58%, It suggests downward momentum in price in the long-term
The cryptocurrency is in ranging and trading between $9.60 in the upper supply area and at $6.50 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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