NEO Price; Bulls Break Up $25 Price Level Aiming at $30 Resistance Level

Azeez Mustapha
18 January 2021 | Updated: 18 January 2021
NEO Price Analysis – January 18

Further increase in the bulls’ momentum may break up the resistance level of $30, which will increase the price to $34 – $40 price level. When the $30 level holds the price, the bears may push down the price to the $25 support level in which $34 and $40 levels may be the target.

NEO/USD Market
Key Levels:

Resistance levels: $30, $34, $40

Support levels: 25, $22, $19

NEO/USD Long-term Trend – Bullish

NEOUSD is bullish on the long-term outlook. The dynamic support level prevents further price decrease at $22 when price retest was carried out. The bulls increased their momentum and it started increasing towards the resistance level of $25. The resistance level mentioned could not hold the price, it was penetrated upside and the price is targeting the resistance level of $30 at moment.  

NEOUSD Daily chart, January 18 

The coin is trading above the 9 periods EMA and 21 periods EMA as a sign of an increase in the bulls’ momentum. The 9 periods EMA is above the 21 periods EMA which indicates that the bulls are still in charge of the NEO market. Further increase in the bulls’ momentum may break up the resistance level of $30, which will increase the price to $34 – $40 price level. When the $30 level holds the price the bears may push down the price to $25 support level in which $34 and $40 levels may be the target.

 NEO/USD Medium-term Trend – Bullish

 NEOUSD is bullish on the 4-hour chart. Last week, the bears opposed the bullish momentum that pushed up the coin to reach the resistance level of $25. The strong bearish candle emerges and the price retested the support level at $22. The ranging movement started within the support level of $22 and $25. 

NEOUSD 4 hour chart, January 18

Today, the bulls gained enough pressure confirmed with the formation of the strong bullish candle; which breaks up the resistance level of $25, and the price is exposed to the resistance level of $30. The 9 periods EMA has crossed the 21 periods EMA upside the price is trading above the two dynamic EMAs. The relative strength index period 14 is displaying a bearish signal at 50 levels which may be a pullback. 

 

 

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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.