NEO/USD Long-term Trend – Ranging Distribution territories: $11, $14, $17 Accumulation territories: $5, $4, $3

NEOUSD market line has been significantly ranging around $8 mark over a couple of weeks. Precisely, the crypto-trade started its current range movement on January 11, and $10 and $6 marks could be taken as the well-defined range zones.

Both the SMA economic indicators are keeping very tight contact closely below the current range spot. The 14-day SMA appears attempting to intercept the 50-day SMA from the top. The Stochastic Oscillators have slightly crossed to point south within 40 and 20 ranges. That simply depicts the probability of seeing more downturns to some extent in this crypto-market.

The current market movements of NEO/USD pair are still somewhat bound to possibly retest $6 point or push lightly below it. Whilst that sentiment plays out accordingly, the market may come to experience a pit stop between $6 and $4 price territories, and that could give the bulls a chance of gathering momentum to stage a come-back into this crypto-trade. Traders are enjoined to trade during the emergence of price action.

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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