NEO Price: Breakout at $19 May Increase Price to $25

7 December 2020 | Updated: 7 December 2020
  NEO Price Analysis – December 07

 The breakout of the NEO price at the $19 price level may push the price to the previous high at $22 and a further increase in the bulls’ momentum may take the price higher to the $25 level. In case the bears prevail over the bulls, the support level of $16 will be penetrated downside and it may find support at $16, $13, and $12 levels. 

 NEO/USD Market
 Key Levels:

Resistance levels: $19, $22, $25

Support levels: $16, $13, $12

NEO/USD Long-term Trend – Ranging

 The coin is ranging within the resistance level of $19 and support level of $16. The resistance level of $22 was reached on November 25 when the bulls were in control of the NEO market. The resistance level holds and the bullish trend could not continue. The price declined under the pressure of the bears and dropped to the $16 support level. The just mentioned support level holds and slowly increases to retest the $19 level. The momentum of the bulls and the bears became weak and could not break up nor break down the ranged level.

NEOUSD daily chart, December 07

 The fast-moving average (9 periods) remains above the slow-moving average (21 periods) at close range and the price is trading over and around the two EMAs as a symbol ranging market. The breakout of the NEO price at the $19 price level may push the price to the previous high at $22 and a further increase in the bulls’ momentum may take the price higher to the $25 level. In case the bears prevail over the bulls, the support level of $16 will be penetrated downside and it may find support at $16, $13, and $12 levels. 

 NEO/USD Medium-term Trend – Ranging

 The coin is on the ranging mode in the 4-hour chart. The bulls return to the NEO market on November 27. The coin tested the resistance level of $19. The bulls could not break up the resistance level of $19.

NEOUSD 4-hour chart, December 07

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The 9 periods EMA is interlocked with 21 periods EMA and the price is hovering over and around the two EMAs which indicates that consolidation is in progress. The relative strength index period 14 is not displaying a specific direction.  

 

 

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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.