in ,

NEO Long-term Price Analysis- April 16 Bearish

NEO/USD Long-term Trend: Bearish

  • The long-term outlook is in a downtrend.
  • Bearish continuation may resume after price breaks down at the lower line.
  • Supply zone: $15.00, $20.00, $25.00
  • Demand zone: $2.00, $1.00, $0.50

NEO is in a bearish trend in its long-term outlook. At $10.61 in the demand area, the impulsive bearish momentum from $14.06 in the supply area was lost as indicated by the wicks in the candles. The cryptocurrency has been in a sideways movement since the drop, creating a bearish flag. This was necessary for the market correction and also to confirm the bearish continuation.

NEO chart by TradingView

With a bearish engulfing candle formation at the end of yesterday’s session, EOS dropped to $10.44 in the demand area. It suggests that the bears may have returned. A break at the lower horizontal line will confirm the resumption of the downward journey.

$8.50 in the demand area may be retested as the bears’ pressure becomes strong and more candles open and close below the EMAs in the long-term.

Be Updated
CT is the leading digital media, events and information services company for the crypto asset and blockchain technology community.

What do you think?

345 points
Upvote Downvote

Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Comments

0 comments

eToro Launches New Crypto Exchange eToroX With Stablecoins

XRP Price Analysis – April 16 Bearish