NEO Price: Bears Lose Momentum, Bulls are Taken Over  

Azeez Mustapha
14 December 2020 | Updated: 14 December 2020
  NEO Price Analysis – December 14

 The continuation of the bullish movement will place the price at the $19 resistance level. The breakup of the just mentioned level will expose the price to the $22 and $25 resistance level. Below the current price level of NEO are support levels at$16, $13, and $12.  

 NEO/USD Market
 Key Levels:

Resistance levels: $19, $22, $25

Support levels: $16, $13, $12

 NEO/USD Long-term Trend – Bullish

 NEOUSD is bullish in the long-term outlook. Last week, the price was on the ranging movement within the resistance level of $19 and support level of $16. The bears break down the support level at $16. The price was declining towards the support level of $13 but unable to reach the mark when the bears’ momentum became weak. The bullish engulfing candle formed on December 12; this is a sign that the bulls are ready to take up the market. The price is increasing towards the $19 resistance level.

NEOUSD, Daily chart, December 14

The coin has broken up the two EMAs upside and it is trading above 9 periods EMA and 21 periods EMA which indicate bullish movement. The continuation of the bullish movement will place the price at the $19 resistance level. The breakup of the just mentioned level will expose the price to the $22 and $25 resistance levels. Below the current price level of NEO are support levels at$16, $13, and $12.  

 NEO/USD Medium-term Trend – Bullish

 On the 4-hour chart, NEOUSD is bullish. The coin experienced a fake bearish breakout from the ranging zone last week. Many traders would have imagined the continuation of the bearish movement but the bulls interrupt the bearish movement and this changes the price direction towards the north side. 

NEOUSD 4-hour chart, December 14

The 9 periods EMA is separated from 21 periods EMA and the price is trading above the two EMAs which indicates that the bulls are taking over the NEO market this week. The relative strength index period 14 is displaying low volatility in the NEO market.  

 

 

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Azeez Mustapha

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.