NEO/USD Long-term Trend – Ranging Distribution territories: $12, $16, $18 Accumulation territories: $5, $4, $3

NEO lost out its momentum to the US dollar while it touched the 50-day SMA’s trend-line from below on December 24. Since then, the crypto has been trading within a small space of the two SMAs’ trend-lines.

The crypto now appears striving hard to get past the current market territory to avoid the way it dropped between November 29 and December 2. The 14-day SMA has briefly curved northward underneath the 50-day SMA to indicate an expectation of more ups in the current market trend. The Stochastic Oscillators have slightly crossed to point north.

The possibility of bears coming back into this crypto-market may not be quickly ruled out especially while a reversal is made against its 50-day SMA and the $12 immediate distribution territory. A critical price point has been established at around $6 mark, and its further southward breaking could seriously result in bears’ trap. Then, investors may be having it a golden opportunity to buy into the cryptocurrency-trade once again.

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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