- 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.
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.