NEO/USD Long-term Trend: Ranging
- Supply zone: $15.00, $20.00, $25.00
- Demand zone: $2.00, $1.00, $0.50
NEO remain in a range-bound market in its long-term outlook. The rejection to downward price movement around the 50-EMA yesterday dropped the price to $8.61 in the demand area signal the bears’ exhaustion.
The bulls are back within the range with the formation of the hammer and further confirmed by the stochastic oscillator signal which points up at 55%. The price also lies above the two EMAs. These are a strong indication of upward movement in price with the bullish pressure becoming stronger and more candles formed and closed above the EMAs
The cryptocurrency is in 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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