NEO/USD Long-term Trend – Bearish

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

NEO has been under an intense selling pressure as it has been traded against the US dollar market valuation in the last weeks until now. Since around late September, while the crypto found it hard to break above the distribution territory of $20, it has been dropping in its market worth.

The market now looks to continue falling in order to probably revisit the previous low point of around $5 mark recorded on November 29 last year, 2017. Currently, the market has been maintaining the $10 and the $8 price territories as its trading zone. The 50-day SMA is located over the 14-day SMA. The Stochastic Oscillators have dipped into the oversold zone to consolidate within it.

There now appears that this crypto may soon be experiencing variant lower highs that could as well coupled with an amount of lower highs in the coming trading sessions and that may last for days or weeks. However, a price retracement could occur should the crypto be further pushed southwards towards or into the stated accumulation territories above.

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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