NEO/USD Long-term Trend – Ranging

 

Distribution territories: $100.00, $110.00, $120.00.
Accumulation territories: $40.00, $30.00, $20.00.


NEO continued to experience its movement directions in the range-bound of between the distribution territory of $100.00 and the accumulation territory of $50.00. The sellers are getting weaker as they have failed to take the market driving force strongly past the accumulation territory of $50.00. On April 22, the 14-day SMA intersected the 50-day SMA from below and this eventually led to a slight rise in the market worth to around $90.00 or thereabouts.

Around May 20 or 21, the 14-day SMA intersected the 50-day SMA from the top but currently bent northward above the accumulation territory of $50.00. Price has been very tightly fluctuating along the trend-line of 14-day SMA. The Stochastic Oscillators had recently moved past range of 20 northward but they are now slowly pointing southwards.

This asset may later on slightly experience a sudden decline in the price value but lacks tendency of upholding it for long. Either a sudden upward breakout of the range-bound or a strong reversal is expected to take place with the asset very soon. Investors, like wisely, the traders are expected to watch out for decent long trading positions.

 

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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