NEO Price May Reduce to $16 Support Level
Login

NEO Price May Reduce to $16 Support Level

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:
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. 

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News