NEO/USD Long-term Trend: Ranging
- Supply zone: $15.00, $20.00, $25.00
- Demand zone: $2.00, $1.00, $0.50
NEO continues in a range-bound market in its long-term outlook. $8.58 in the supply area was the low of the week although the bulls had a minor push to $9.59 in the supply area but lacked the momentum to break out from the range on 1st March.
The bears may held on to the market control as the new trading week commences. The daily candle of 3rd March opened at $8.90 but made a low at $8.11 in the demand area breaking the 50-EMA before closing at $8.35.
The stochastic oscillator is in the oversold region and its signal points down at 12% – an indication of further downward momentum in price in the long-term within the range.
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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