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 is back in a range-bound market. The strong bullish pressure was evident within the range last week with a breakout at the upper supply area at $9.60. The bullish momentum was further increased as NEOUSD rose to $10.52 in the supply area as the trading week came to an end.
Neo chart by tradingview
The new trading week started on a bearish note with the formation of a bearish railroad at the close of the day on 24th February. NEOSUSD dropped to $8.58 in the demand area within the range after a brief touch at $11.06 in the supply area.
The stochastic oscillator signal points down at 44% an indication of downward momentum in price in the long-term as it continues in 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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