NEO/USD Long-term Trend – Ranging
Distribution territories: $100.00, $110.00, $120.00.
Accumulation territories: $30.00, $20.00, $10.00.
In spite of having breached the last accumulation territory of $50.00, NEO/USD long-term trend seems to enter into another range-bound. Since around May 20, that the bears’ action had made the 14-day SMA intersected the 50-day SMA from the top, the price value of this crypto asset has been responding positively to short bearish moves along the 14-day SMA trend-line.
The crypto asset’s value has now been traded below the horizontal lined at $50.00. The 14-day SMA is above the price action but it is below the 50-day SMA. The Stochastic Oscillators have moved into the oversold zone and currently consolidating within it. This indicates that the bearish movement is gradually been relaxing.
As the bears have already forced down the price value of NEO briefly beyond the former lowest price point, some lower lows are expected to come into play soon. Whilst that assumption comes into existence, the bulls are expected of getting set to grab the situation to build up a strong momentum. Traders are expected to look out for a strong bullish Japanese candle that can engulf some of the lower highs to launch long entries. Traders should be mindful of exercising good financial management at all time.
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