NEO Price Analysis – October 26
The crypto may retest the support level at $16 and break down the level, decline to $14, and $12 support level. In case the price is rejected at $16, then the ranging movement may continue. At the upper side of the market above $19 levels, resistance levels can be found at $22 and $25.
NEO/USD Market
Key Levels:
Resistance levels: $19, $22, $25
Support levels: $16, $14, $12
NEO/USD Long-term Trend – Bearish
The resistance level at $19 and the support level at $16 has been a ranging level for NEO/USD for more than four weeks. The scenario started on October 20 when the price bottomed at the support level of $19, the bears could not break down the level due to weak momentum. The resistance level at $19 also has been a barrier for the bulls. Since then the price has been ranging within the above-mentioned levels.
The coin tested the upper range level on October 22 and currently declining towards the support level at $16. It has already penetrates the two dynamic support level downside, meaning that, the bears are prevailing. The crypto may retest the support level at $16 and break down the level, decline to $14, and $12 support level. In case the price is rejected at $16, then the ranging movement may continue. At the upper side of the market above $19 levels, resistance levels can be found at $22 and $25. The relative strength index period 14 is at 50 levels bending down to display the sell signal.
NEO/USD Medium-term Trend – Bearish
NEO is bearish on the medium-term outlook; the buyers dominated the NEO Market last week and the resistance level of $19 was reached. The mentioned level rejects the price and prevents further increase. Sellers gather momentum, exerts pressure, price starts to decline towards the support level at $16.
The Crypto is trading below the two EMAs and the 9 periods EMA is below the 21 periods EMA. However, the relative strength index period 14 is at 40 levels bending down to indicate a sell signal.
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