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NEO/USD Long-term Trend – Ranging
Distribution territories: $30, $50, $70.
Accumulation territories: $12.50, $9.50, $6.50.
Over a couple of days, NEO/USD has majorly continued to witness its market valuation been moving in a definite range. Almost like it occurred in most of the crypto-markets; a significant drop-value on October 11, this crypto has also been unable to get pushed southwards further past the last low price point obtained in the market on that day or thereabouts.
About a week and a few days back, the crypto was found ranging along with the 50-day SMA’s trend-lines. A small gap has occurred between the two SMAs as the 50-day is located over the 14-day SMA. Price has now been fluctuating along with the 14-day SMA around $17 price territory. The Stochastic Oscillators have moved up to around range 45. They now appear to start a consolidation movement at the range area. This suggests that further trading activities may be suspended for a while in order to a clear market directional movement of the pair.
An expectation has been strongly built around pulling down of this crypto market once again in the near time towards the last low or a bit below to prepare a strong stance for a bullish potentiality of the market to occur. A breakout of the $20 price territory could support the crypto getting pushed northwards past the immediate territory of $30 during a volatile market.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.