NEO/USD Long-term Trend – Ranging

Distribution territories: $15, $35, $55
Accumulation territories: $5, $3, $1

The NEO/USD market valuation was in a bearish format until November 25 while it dropped briefly past $7 mark. There was a short pull-back, and on Nov. 27 the crypto slightly fell to retest the said market mark once again.

The present range boundaries could now be found around the $10 and the $7 price territories on the chart. Price line has now touched the 14-day SMA’s trend-line from below. The 50-day SMA is located above the 14-day SMA. The Stochastic Oscillators have slightly headed out of the oversold zone to closely find a location a bit above range 20. That could mean a signal for an upward market swing but it may come in the form of lower highs.

Now that the range boundaries have been observed in the current NEO/USD ranging market, it is advisable to wait for a strong price action to take place before exerting a trading position. A reversal against the upper range boundary could result in having bears coming back while a strong correction below the lower range may pave way for bullish trend resurgence in the NEO/USD trade.

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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