NEO/USD Long-term Trend – Ranging
Distribution territories: $100.00, $110.00, $120.00.
Accumulation territories: $25.00, $20.00, $15.00.
NEO strived to appreciate significantly in its market price valuation against the US dollar, last week. Unlike the preceding weeks, NEO, suffered a decline slowly and steadily in a range format. The crypto asset started its upward movement stance on June 30, last month. Since then, there has been a notable increase in the value of NEO/USD. Other strong spikes featured on July 2, and 5. But the one on July 5, reversed southward before the market closed for the day and that led to small shorting of the pair till July 7.
Today, the market has taken up by the bulls’ presence as the price action is averaging northward towards the 50-day SMA trend-line from below. The 14-day SMA is located below the 50-day SMA but they are seemingly bent northward. That suggests that buying entries have to be given strong consideration. The Stochastic Oscillators had initially moved up to touch range 80 somewhat but now point northward a bit below it. This also suggests a strong indication of buying entries.
At this point in time, this cryptocurrency seems to have established a strong foundation for taking to long entry signals. Although, little shorting positions will definitely occur also in the process. In the light of those assertions, the investors and the traders are expected to brace up for taking long-positions of this cryptocurrency.
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