NEO/USD Long-term Trend: Bearish
- Supply zone: $15.00, $20.00, $25.00
- Demand zone: $2.00, $1.00, $0.50
NEO remains in a bearish trend in its long-term outlook. The bulls made a brief comeback within the bearish flag formation on 18th April with a push to $11.49 in the supply area. The candle closed with a wick, a sign of exhaustion coupled with the 10-EMA that acted as resistance against upward price movement.
NEO dropped to $10.22 in the demand area below the 50-EMA but closes above it an indication of a possible one more bullish move before the bearish continuation in the long-term.
The price is below the 10-EMA and the stochastic oscillator signal is parallel at 23% which suggests a brief consolidation in price before a possible break down.
$8.50 in the demand area is still on the card as the momentum to the south increases in the long-term.
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