NEO/USD Long-term Trend: Bearish
Supply zone: $20.00, $30.00, $40.00
Demand zone: $10.00, $05.00, $01.00
The long-term outlook for NEO is a bearish trend. The losd in momentum on 7th November by the bulls after pushing NEOUSD to a high at $17.61 in the supply area led to the bears’ gradual return. The formation of a bearish candle at the area coupled with resistance from the 50-EMA gave a strong pointer to the bears takeover.
NEO has progressively witnessed low volume from 7th November. This was obvious as NEOUSD made lower lows each day with a drop to $15.46 in the demand area on 11th November and $15.54 earlier today.
Each touch on the downward trendline results in a bounce hence the upward price rejection on 7th November.
The price is below the two EMAs and the stochastic oscillator is at 48% with its signal pointing down which suggests a downward movement in price due to the bears’ pressure on the long-term.
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