- NEO/USD market still maintains its choppy market movement around $10 and $8 marks.
- Indicators yet align with the possibility of seeing a number of declines in the valuation of the pair in a near time.
NEO/USD Long-term Trend – Ranging
- Distribution territories: $12, $14, $16
- Accumulation territories: $7, $5, $3
During the long trading days back, NEO/USD trade has only slightly strode northwards to touch the upper range mark. That means the pair still maintains its choppy market movement around $10 and $8 marks.
The 14-day SMA is located above the 50-day SMA within the range zones. In about a few days, the crypto-market has been strongly hovering around its 14-day SMA indicator. The Stochastic Oscillators are located closely around the overbought zone. They have now crossed very slightly at range 80.
At this point in time, the crypto’s movement to the northwards is uncertain as the bulls are yet not been able to break out at the $10 upper range mark. Like wisely, indicators still in line with the possibility of seeing a number of declines in the valuation of the NEO/USD market. Whilst the market dips down against its 50-day SMA indicator, then that could be the bearish signal. Traders should also keep a watch on any likelihood of a quick correction in regards to such price action at that market territory.
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