NEO/USD Long-term Trend – Bearish
Distribution territories: $50, $75, $100.
Accumulation territories: $20, $15, $10.
NEO had witnessed more of its market movements serially southbound throughout the last week. It was as well observed that the bearish movements were not intensely featuring during the trading periods. Bears were able to push the market trading positions from around $35 down closer towards the last immediate accumulation territory of $25. And, that pushing has made the crypto to witness another lower low as against the last one that occurred on June 29.
This week as at now, the cryptocurrency has shown a feeble upward signal as the price action is still been seen below the two SMAs. Initially, the two SMAs were moving very closely along almost the same trading price line, but now they are having a visible small gap between them. The 50-day SMA is still located above the 14-day SMA. The Stochastic Oscillators have strongly dipped into the oversold zone, and they are now consolidating within it. This suggests that initiating further trading positions may be suspended for a while.
This cryptocurrency may still need to be driven a bit further southbound with lower lows than lower highs, but may not be on a long note. Bulls are expected to stay close while presumably, a decent sudden spike may afterward occur. Investors may as well considering buying into this cryptocurrency presently while traders wait for strong price action to enter a long entry with the guiding fund management rules.
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