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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.

What do you think?

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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.

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