NEO/USD Long-term Trend – Ranging
Distribution territories: $100.00, $110.00, $120.00.
Accumulation territories: $30.00, $20.00, $10.00.
NEO suffered a significant decline in value last week. Between March 30 and April 08, the asset worth was pushed and hovered around the strong accumulation territory of $50.00. It started going up in value slightly on April 11 but on April 30, a short top shadow bearish Japanese candlestick occurred. Since then, the value of NEO/USD has been slowly driving downward in a range-bound of the distribution territory of $100.00 and accumulation territory of $50.00 till June 9.
On June 10, like many other crypto assets did lose value so also NEO, and that has eventually led to the breaching of the prior strong accumulation territory of $50.00. The 14-day SMA is currently below the 50-day SMA. The market price action has been fluctuating below both the trend-line of the 14-day SMA and the horizontal lined at $50.00. The Stochastic Oscillators have moved into the oversold zone but now trying to determine next direction.
The breaching of the accumulation territory of $50.00 may not be allowed to stay long before moving back into the range bound. Taking a bearish bias as the current market declined value attracts a precautionary act. An investor can either look out for taking a long entry while the price action is driven towards the next accumulation territory of $30.00.
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