NEO Long-term Price Analysis- January 8
- The long term outlook is a range bound market.
- Patience is required to allow for a breakdown or a breakout.
NEO/USD Long-term Trend: Ranging
NEO long-term outlook is in consolidation. The bears' pressure within the range was lost on 4th January at $7.50 in the demand area after the formation of a bullish doji. The bulls gradually took control of the range as it broke the 10-EMA and NEOUSD was up at $8.18. Increased bullish momentum led to a breakout at the 50-EMA and the formation of a bullish engulfing candle on 6th January. NEOUSD rose to $9.08 in the supply area.
Neo chart by tradingviewThe stochastic oscillator is at 71% and its signal is pointing up, with the price above the two EMAs. This suggests the bullish momentum may continue within the range in the long-term term.
The cryptocurrency is in consolidation 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 may occur hence patience is required before taking a position.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
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