NEO Price May Reduce to $16 Support Level

NEO Price May Reduce to $16 Support Level

NEO Price Analysis – September 29

The penetration of the support level of $19 may drive the price to the support level at $16 and $14. The inability to break down the $19 support level may expose the price to the resistance level at $22, $25, and $30. However, the signal line of relative strength index period 14 is pointing towards the south to indicate the sell signal

NEO/USD Market
 Key Levels:

Resistance levels: $22, $25, $30

Support levels: $19, $16, $14

 NEO/USD Long-term Trend – Bearish 

 NEO/USD is on the bearish momentum in the daily chart. The high of the month was reached on September 19; the resistance level of $25 is the high of the price for the month of September. This peak level stands as the head of the chart pattern formed called “Head and Shoulder”. The left shoulder emerges on September 14 at the $22 price level. The right shoulder formed on September 25 at the same price level of $22. The price still has a tendency to decrease further to the demand level at $16.

NEOUSD Daily chart, September 29

 NEO market continues in the bearish trend as another daily bearish candle emerges preparing to break down the support level at $19. The price has crossed the two EMAs to the downside trading below the 9 periods EMA and 21 periods EMA. The penetration of the support level of $19 may drive the price to the support level at $16 and $14. The inability to break down the $19 support level may expose the price to the resistance level at $22, $25, and $30. However, the signal line of relative strength index period 14 is pointing towards the south to indicate a sell signal.

 NEO/USD Medium-term Trend – bearish

 The price action of the coin has formed a “Head and Shoulder” chart patter; this is a bearish chart pattern. The price bounces off the resistance level of $22 and declines towards the support level of $19. Further decrease in price to the demand level of $16 is envisaged as more bearish candles are emerging. 

NEOUSD 4 hour chart, September 29

The price is trading below the 9 periods EMA and 21 periods EMA while the two EMAs are separating gradually as a sign of an increase in the bears’ momentum. However, the RSI (14) on the 4-hour chart is at 40-level bending down which reveals that the bears may continue to hold the market. The breaking down of the level at $19 may place the price at $16. 

 

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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.