NEO Price; May Test $25 Level Before Bullish Trend Continue

Updated:
NEO Price Analysis – February 08

A further increase in the bears’ pressure may penetrate the two dynamic support level downside and decrease to $22 price level, it may extend to $19 and $15 levels. Bullish movement may continue in case the price could not break down dynamic support level and the resistance above the current price is found at $25, $28 and $32.

NEO/USD Market
Key Levels:

Resistance levels: $25, $28, $32

Support levels: $22, $19, $15

NEO/USD Long-term Trend – Bearish

NEOUSD is bearish in the daily chart. The price action has formed a short “M” pattern; the chart pattern formed is a bearish signal pattern. It means there is tendency for the NEO to fall to previous low at $15 provided the bears intensify their pressure. The price is currently descending below the $25 resistance level.

NEOUSD daily chart, February 08

The two EMAs are separated from each other and the coin is trading above the 9 periods EMA and 21 periods EMA at close range. A further increase in the bears’ pressure may penetrate the two dynamic support level downside and decrease to $22 price level, it may extend to $19 and $15 levels. Bullish movement may continue in case the price could not break down dynamic support level and the resistance above the current price is found at $25, $28 and $32.

NEO/USD Medium-term Trend – Bearish

The bears are prevailing over the bulls. The bulls’ momentum and the bears’ momentum were equal last week on the 4-hour chart. The price initially rise after the consolidation towards the resistance level at $25. There was a partial breakout at the mentioned level on February 05. at equilibrium in the 4-hour chart. A “Tweezer top” candle pattern appeared, the bearish movement continues below the dynamic support level.

NEOUSD 4-hour chart, February 08

The price is crossing the 9 periods EMA and 21 periods EMA downside. The relative strength index period 14 is displaying a bearish signal at 50 levels.

 

 

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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.