NEO/USD Long-term Trend: Ranging
- Supply zone: $15.00, $20.00, $25.00
- Demand zone: $2.00, $1.00, $0.50
NEO long-term outlook continues in a range-bound market. After dropping price down at $6.78 in the demand area on 6th February the bears lost momentum. The bulls return was signaled by the bullish gravestone doji the next day.
The large bullish candle on 8th February was a confirmation that the bulls are now in control of the range. NEOUSD rose to $8.00 in the supply area. Increased bullish momentum saw the crypto up at $8.44 in the supply area.
The signal of the stochastic oscillator is up at 81% in the overbought region and the price is above the two EMAs. These suggest upward momentum within the range in the long-term as it consolidates.
The cryptocurrency is ranging 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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