NEO Price: Bulls Are Returning Price to Previous High

NEO Price: Bulls Are Returning Price to Previous High

NEO Price Analysis – December 01

The NEO price may reach the previous high at $22 provided the $19 price does not hold and further increase in the bulls’ momentum may take the price higher to the $25 level. In case the bears take over the market at a resistance level of $19, the price will find 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

 The coin is bullish on the daily chart; a few days ago, the crypto was on the bullish movement towards the resistance level of $22 after the $19 level was penetrated. The mentioned level was tested but the bulls’ momentum was unable to break up the mentioned level. The bears entered the market with a strong pressure; strong daily bearish candles were produced and the price descends to retest the broken level of $16 on November 20. The price resumes the bullish trend after it retested the $16 price level.

NEOUSD Daily chart, December 01

 The fast-moving average (9 periods) remains above the slow-moving average (21 periods) and the price is trading above the two EMAs which indicates a buy signal. The NEO price may reach the previous high at $22 provided the $19 price does not hold and further increase in the bulls’ momentum may take the price higher to the $25 level. In case the bears take over the market at a resistance level of $19, the price will find support levels at $16, $13, and $12. 

  NEO/USD Medium-term Trend – Bullish

 The bulls return to the NEO market. The coin bottomed twice at the support level of $16. The price increase and it is moving up towards the resistance level of $16 at the moment. This scenario happened after the bears push down the price from the resistance of $22

NEO has crossed over the two EMAs upside and it is trading above the 9 periods EMA and the 21 periods EMA. The relative strength index period 14 is pointing up at 60 levels which indicates a buy signal.  

 

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.