Neo Is Range-Bound, Lacks Buyers at Higher Price Levels


Key Resistance Levels: $12, $14, $16
Key Support Levels: $6, $4, $2

NEO/USD Price Long-term Trend: Ranging
NEO is still in a bear market as the bulls failed to overcome the overhead resistance at $12. The bulls have made three unsuccessful attempts at $12 resistance. In October and November 2019, and January 2020,the resistance remained unbroken.

The recent attempt is on January 19, where the bulls tested the $12 resistance and coin was resisted. NEO is falling and the price is expected to reach a low of $6. On the upside, a break above the $12, will signal the resumption of the uptrend. On the downside, if the bulls fail to break the overhead resistance, the coin will commence sideways move between the levels of $6 and $12.

NEO/USD - Daily Chart

Daily Chart Indicators Reading:
The Relative Strength Index (RSI) period 14 level 61indicates that price is in the bullish trend zone. The RSI was previously in the overbought region above level 70. The coin is falling because of the presence of sellers. The Fibonacci tool indicates that the bear market has been reversed at the 1.272 extension level. Presently, the coin is in a sideways trend.

NEO/USD Medium-term bias: Bullish
On 4 hour chart, the coin has been in a range-bound movement above $8.5. The coin made an upward movement after breaking the resistance levels to reach a high of $12. NEO is currently facing resistance at $12. The coin has been repelled but hovers above $10.50 price level.

NEO/USD - Daily Chart

4-hour Chart Indicators Reading
The 21-day and 50-day SMA are sloping upwardly indicating that price is rising. NEO is trading above the 25% range of the daily stochastic indicating that price is in bullish momentum.

General Outlook for NEO
NEO is trading in a sideways trend between the levels of $6 and $12 since September 2019. The bulls are yet to break the resistance at $12 as buying dries up at higher levels. The coin is fluctuating within confined levels; therefore traders should place pending orders.

NEO Trade Signal
Instrument: NEOUSD
Order: Buy Limit
Entry price: $8.50
Stop: $7.0
Target: $12

Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • 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
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.