NEO Price Rebounds at $19 Resistance Level, Targeting $16 Support Level 

NEO Price Rebounds at $19 Resistance Level, Targeting $16 Support Level 

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.

NEOUSD daily chart, October 26

 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. 

NEOUSD 4 hour chart, October 26

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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Author : Azeez Mustapha

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