NEO Price Increase Opposes at a Key Resistance Level of $22

NEO Price Analysis – January 11

 When the bears increase their momentum $19 support level may turn to a resistance level and the price will target $15 and $13 support levels. In case the dynamic support level prevents further price decrease, then, uptrend movement may continue and the price will be looking forward to $22, $25, and $30 as the next resistance levels.

 NEO/USD Market

 Key Levels:

Resistance levels: $22, $25, $30

Support levels: $19, $15, $13

NEO/USD Long-term Trend – Bullish

NEOUSD is bullish on the long-term outlook. The coin played out the way it was predicted last week; the bulls further increase their momentum and the price increased and broke up the former resistance level of $19 and it increases to test the resistance level of $22 on January 10. Today, the bears strongly oppose the price increase with the formation of a strong and massive bearish candle that pushes the price down. The price is currently breaking down the support level of $22.  

The coin is trying to retest the dynamic support level of 9 EMA. The price retains its trading above the 9 periods EMA and 21 periods EMA which indicates that the bulls are still in charge of the NEO market. When the bears increase their momentum $19 support level may turn to a resistance level and the price will target $15 and $13 support levels. In case the dynamic support level prevents further price decrease, then, uptrend movement may continue and the price will be looking forward to $22, $25, and $30 as the next resistance levels.

 NEO/USD Medium-term Trend – Bearish

 On the 4-hour chart, NEOUSD is bearish. The bullish momentum pushes the coin to reach the resistance level of $25. The bearish engulfing candle emerges and the price is currently descending towards the support level of $19.  Today, the market opens with the formation of bearish candles; which implies that the bears are in control of the market. The 9 periods EMA is trying to cross the 21 periods EMA downside the price is breaking the dynamic support level downside. The relative strength index period 14 is displaying a bearish signal at 50 levels, further price decrease envisaged.