NEO Price: Bullish Breakout at $19 Level May Increase Price to $22 

24 November 2020 | Updated: 24 November 2020
NEO Price Analysis – November 24

 In case the bulls push up the price to penetrate the resistance level of $19, the coin will be exposed to the resistance level of $22 in which it may extend to the $25 price level. Should the $19 resistance level hold; the price may pull back towards the support level at $16. 

 NEO/USD Market
 Key Levels:

Resistance levels: $19, $22, $25

Support levels: $16, $13, $12

 NEO/USD Long-term Trend – Bullish

 The crypto was on the ranging movement two weeks ago. The price was slowly consolidating towards the resistance level of $16. Last week, the bulls gained enough momentum and break up the resistance level of $16, increases towards the $19 price level. The pullback was carried out to retest the broken level. Today, the bulls push up the price to test the $19 price level. A further price increase is possible.

NEOUSD, Daily chart, November 24

 The fast-moving average (9 periods) has crossed the slow-moving average (21 periods) upside and the price is trading above the two EMAs which indicates a bullish signal. In case the bulls push up the price to penetrate the resistance level of $19, the coin will be exposed to the resistance level of $22 in which it may extend to the $25 price level. Should the $19 resistance level hold; the price may pull back towards the support level at $16. Below the mentioned level is the $13 and $12 support level.

  NEO/USD Medium-term Trend – Bullish

 The bulls prevailed over the bears in the course of consolidation that the coin experiences last week. The resistance level of $16 was broken upside and the price rally towards the $22 level. There was a price retracement after the breakout. At the moment, the price is increasing to a test $19 price level which may lead to a breakout.

NEOUSD 4-hoyr chart, November 24

 

NEO is trading above the 9 periods EMA and the 21 periods EMA while the relative strength index period 14 is displaying a bullish signal.  

 

 

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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.