Annual Forecast for NEOUSD (2021): NEOUSD May Break Up Resistance Level of $19

Annual Forecast for NEOUSD (2021): NEOUSD May Break Up Resistance Level of $19

NEO Price Analysis – December 28

An increase in the bulls’ pressure may lead to a breakout at the resistance level of $19 which may push the price to $22 and $25 price level. Likewise, the breakdown of the $15 price level will reduce the price to $13 and $12 price level.

NEO/USD Market
Key Levels:

Resistance levels: $19, $22, $25

Support levels: $15, $13, $12

NEO/USD Monthly Trend – Bullish

NEOUSD is bullish in the monthly chart. The bulls dominate the NEO market in 2020. The price was found at the support level of $12 in January; the price was ranging within the $12 and $13 price level. The bulls were able to push the pair out of this ranging mode in July. There was a further increase in the bulls’ momentum and the price increased accordingly with the formation of a strong and massive bullish candle in August. The high of the year was found at the resistance level of $25. The bulls’ momentum failed and the bears push down the coin to test the $15 price level.

NEOUSD Monthly chart, December 28

The price decrease could be a pullback to the coin; that is, it may resume a bullish trend in 2021. The crypto is trading in between the 9 periods EMA and 21 periods EMA which indicates that the market is not trending at moment. An increase in the bulls’ pressure may lead to a breakout at the resistance level of $19 which may push the price to $22 and $25 price level. Likewise, the breakdown of the $15 price level will reduce the price to $13 and $12 price level.

 NEO/USD Medium-term Trend – Bearish
NEOUSD Weekly chart, December28

 NEOUSD is bearish on the 4-hour chart. The buyers tried their best by pushing up the coin to the resistance level of $25 on September 14. The bears opposed the bullish movement at the same level; the price decreased and tests the $15 support level. The coin is currently ranging within the $19 and $15 price level.The 9 periods EMA is close to 21 periods EMA and the price is hovering over the two EMAs which indicates that the bears’ momentum and the bulls’ momentum are low. The relative strength index period 14 is bending up above 40 levels to indicate a buy signal.  

 

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.