NEO/USD Long-term Trend: Ranging

  • Supply zone: $15.00, $20.00, $25.00
  • Demand zone: $2.00, $1.00, $0.50

NEO is still trading within a specific range in its medium-term outlook. The bears kept the pressure up on the crypto’s price as it dropped to $8.85 on March 21, the week’s low. It bounced back when it touched its 50-day EMA, and the bulls pushed it back to $8.51 in the supply area.

Neo, NEOUSD,NEO chart by TradingView

The week opened on a bearish note with the formation of a bearish railroad on March 24, and it showed the sellers were set to dominate the week’s trading sessions. NEO’s price is below the 10-day EMA and is already down to $8.76 in the demand area. The Stochastic Oscillator is pointing down at 40 which indicates downward momentum.

The cryptocurrency is in a range trading between $9.60 in the upper supply area and $6.20 in the lower demand area . A breakout or breakdown will occur hence patience is required before taking a position.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.