Neo Price Analysis – May 3

NEOUSD Medium-term Trend: Bullish

Supply zones: $100.00, $110.00, $120.00

Demand zones: $50.00, $40.00, $30.00

Neo medium-term outlook remains bullish. The bulls drove price to a high of $87.19 earlier today with strong indications for more higher highs to be attained. Daily opening price was $85.25 against yesterday $83.60 which is an indication that more buyers are in the market than sellers.

The Daily candle opened above the three exponential moving average crossover which interprets into more bullish pressure. We see rejection to downward pressure in the stochastic oscillator. This means bullish upside move to be expected. Pullbacks are expected but should be opportunities for more buying as it thus implies upward trend continuation.

NEOUSD Short-term Trend: Bullish

Neo, NEOUSD, Cryptocompare chart

Neo short-term outlook continues bullish. The bears could not push price further down beyond the $82.00 critical demand area. This brought the bulls back and they drove price high to the $87.19 supply area. This new supply area ($87.19), was higher than yesterday high ($85.45). Higher high price formation is characteristics of an uptrend market.

Stochastic oscillator is in the oversold region and signal pointing up, which suggests strong upward momentum. As more bullish candles are formed and closed above the three exponential moving averages crossover, Neo may likely retest the supply zone at $90.00 in the short-term. 

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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