Key Resistance levels: $12, $14, $16
Key Support Levels: $6, $4, $2
NEO/USD Price Long-term Trend: Bearish
NEO is presently falling as a result of its inability to hold above the $12 resistance level. The bulls made attempt twice at the $12 resistance but were repelled. The price drops to the low of $8.90 and pulled back. The pullback was a retest at the $10 price level. After the retest the market resumes selling. The price is falling and approaching the low at $7.0. A break below $7.0 will mean the resumption of the downtrend. NEO will move up if the support at $7.0 holds.
Daily Chart Indicators Reading:
Today the price is testing the support line of the ascending channel. A break below the support line will mean the continuation of the downtrend. NEO is below the 40% range of the daily stochastic meaning that the price is in a bearish momentum.
NEO/USD Medium-term bias: Bearish
On the 4-hour chart, the bears are still in control. The price has been fluctuating between the levels of $9 and $10. The bulls fail to break the $10 resistance as the price attempts to break the support at $9. NEO may drop to the low of $7.0, once the support is broken.
4-hour Chart Indicators Reading
The 21-day and 50-day SMA sloping horizontally indicating price is in a range bound movement. The price has been testing the support line and break down will mean the continuation of the downward move.
General Outlook for NEO
NEO has been on a downward move. The indicators are still showing bullish signals. From the price action, the market seems to be consolidating above the $8.90 support level. NEO will resume an upward once the support holds.
NEO Trade Signal
Order: Buy Limit
Entry price: $8.97
- Min Deposit
- Visit Broker
- Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
- Zero commissions and no bank fees on transactions
- Around the clock service with support in 14 languages
- Trusted provider
- Large amount of assets available
- Secure payment methods
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.