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

Last week, between January 6 and 9, NEO/USD market valuation sequentially featured lower highs to eventually touch $10 mark. On January 10, the US dollar partially regained the market driving force as the 14-day SMA indicator was breached southwards in the process.

Price has been hovering around $8 market horizontal line within the two SMA indicators. The 14-day SMA is located above the 50-day SMA with a short distance between them. The Stochastic Oscillators have briefly touched into the oversold zone. That could mean bears are gradually getting exhausted in the market.

The crypto seems to look for a back-up around its 50-day SMA’s trend-line in line with its $8 current range zone to muster a momentum for its swing uptrend. A strong breakdown of the aforementioned market point may cause the crypto-trade to experience a retest of the previous low price mark of around $6. Traders should be wary of placing further position if the 50-day SMA fails to hold back bears’ pressure in the market.

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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