NEO/USD Long-term Trend: Bearish
Supply zone: $15.00, $20.00, $25.00
Demand zone: $2.00, $1.00, $0.50
NEO is in a bearish trend in its long-term outlook. The tweezer top formed at $17.99 in the supply area on 9th July at the 23.6 fibs implies upward price rejection and subsequently the bears’ return. NEOUSD plunges to $15.40 in the demand area breaking the 10-EMA.
The resistance at the 50-EMA was broken due to increased bears pressure as price drops further down to $13.20 in the demand area today 13th July as the trading week draws to a close.
The demand area is the 61.8 fibs a trend reversal zone. Exhaustion of the bearish momentum was not obvious hence reversal at the fib area may occur hence a deeper retracement to 78.6 or 88.6 in the new trading week may occur as the pressure on the coin becomes much stronger in the long-term.
The signal of the stochastic oscillator points down at 15% in the oversold region suggesting a downward momentum in price of the cryptocurrency.
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