- The NEO/USD market is precariously balanced on the $7 support line for the last three days. Buyers need to make sure that the support line isn’t breached.
- Technical analysis shows that 50-day simple moving average (SMA50) curve and SMA20 may intersect soon. This indicates that conditions will be better for buying.
The NEO/USD market has entered a period of stabilization following a drop in its price. The market is currently placed right on top of the $7 support line. The short-term strategy for the bulls is to make sure that the market doesn’t drop any further below the support line.
NEO/USD daily chart
NEO/USD is straddling the $7 support line for the last three days. The short-term goals for the buyers are simple. First, defend the $7 support line and make sure that the price doesn’t fall below that. Second, to breach the resistance offered by the downward trending line (black). The 50-day simple moving average (SMA50) curve and SMA20 look like they may cross-over soon. This indicates that the market situation may become ripe for buying.
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