NEO Price Is Rejected at $25 Level, Further Reduction Is possible   

NEO Price Is Rejected at $25 Level, Further Reduction Is possible   

NEO Price Analysis – January 26

Further increase in the bulls’ momentum may break up the resistance level of $25, which will increase the price to $28 – $34 price level. When the $25 level holds the price the bears may push down the price to $22 support level in which $19 and $15 levels may be the target.

NEO/USD Market
Key Levels:

Resistance levels: 25, $28, $34

Support levels: $22, $19, $15

NEO/USD Long-term Trend – Bearish

NEOUSD is bearish on the long-term outlook. The high of $28 was reached on January 19; the bulls have no enough momentum to break up the mentioned level. Bearish candles emerged which indicate the high momentum of the bears. The price dropped to the support level of $22 on January 21. The bulls prevented further decrease last week and the coin commences an increase towards the previous high. Further increase is currently rejected at the $25 price level.

NEOUSD daily chart, January 26

The crypto is trading between the 9 periods EMA and 21 periods EMA as a sign of an decrease in the bulls’ momentum. The 9 periods EMA is above the 21 periods EMA which indicates that the bulls are trying to hold the NEO market. Further increase in the bulls’ momentum may break up the resistance level of $25, which will increase the price to $28 – $34 price level. When the $25 level holds the price the bears may push down the price to $22 support level in which $19 and $15 levels may be the target.

NEO/USD Medium-term Trend – Bearish

NEOUSD is bearish on the 4-hour chart. The price action has formed a “short M” chart pattern in the 4-hour chart. The bullish momentum could not break up the resistance level of $28 as the price turns to the south. The price declined to test the support level of $22 and bounces upside to retest the $25 price level. The coin is preparing to fall to complete the “M” chart.

NEOUSD 4-Hour chart, January 26

The 9 periods EMA has crossing the 21 periods EMA downside, the price is trading below 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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Author : Azeez Mustapha

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