NEO Price Is Awaiting a Breakout 

NEO Price Is Awaiting a Breakout 

NEO Price Analysis – November 16
 

Should the bulls push up the price above the resistance level of $16, then, the price may increase to $19 and $22 price level. In case the bears prevail and the price burst out at the support level of $13, the price will reduce to the $12 support level and may test the $9 level.

 NEO/USD Market
 Key Levels:

Resistance levels: $16, $19, $22

Support levels: $13, $12, $9

 NEO/USD Long-term Trend – Ranging

 NEOUSD is on the ranging mode in the daily chart. The head and shoulder pattern formed last month drove the price down to the support level of $13 on November 04. The mentioned level holds the price and the price could not break it down. The bulls tried and pick up the market but the momentum is not strong enough to drive the market fast. The price consolidates between the two dynamic support and resistance level throughout last week. 

NEOUSD daily chart, November 16

The two EMAs are parallel to each other at a close range and the coin is trading in between the 9 periods EMA and 21 periods EMA. Should the bulls push up the price above the resistance level of $16, then, the price may increase to $19 and $22 price level. In case the bears prevail and the price burst out at the support level of $13, the price will reduce to the $12 support level and may test the $9 level. However, the relative strength index period 14 is not displaying specific directions which indicate that consolidation is in progress.  

  NEO/USD Medium-term Trend – Ranging

 The bulls’ momentum and the bears’ momentum are at equilibrium in the 4-hour chart. The resistance level of $16 was tested on November 07, the price bounces off the level and declined towards the support level of $13. The bearish momentum became weak and the price could not reach the mark. The price results in consolidation within $16 and $13 levels.

NEOUSD 4-hour chart, November 16

The 9 periods EMA is interlocking to the 21 periods EMA while the price is trading over and around the two EMAs. The relative strength index period 14 is displaying a bullish 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.