NEO Price; Will Price Reverse at $14 Support Level?

NEO Price; Will Price Reverse at $14 Support Level?

 NEO Price Analysis – November 02

In case the bulls can push up the price to penetrate the two dynamic resistance levels upside, then the resistance level of $16 will be reached, further increase of bullish pressure may break up the confluence at $16 and resistance levels at $19 and $22 may be tested. Failure to break the confluence at $16 may reverse the price.

NEO/USD Market
Key Levels:

Resistance levels: $16, $19, $22

Support levels: $14, $12, $10

NEO/USD Long-term Trend – Bearish

The coin was under the control of bears for many days, the bearish momentum was strong pushing down the price. Formation of strong bearish candles confirmed the strong sellers’ pressure in which the former support level of $16 was penetrated downside and the support level of $14 was reached on October 31. The bears were unable to break down the level. Yesterday, the coin gains 1.04%, meaning that there was a change of $0.1535 in price.

NEOUSD Daily chart, November 02

The above chart is reflecting the intention of the bulls to take over the NEO market soon as the level is gradually rejecting the price. Nevertheless, the price is trading below the two EMAs trying to break up the dynamic level. In case the bulls can push up the price to penetrate the two dynamic resistance levels upside, then the resistance level of $16 will be reached, further increase of bullish pressure may break up the confluence at $16 and resistance levels at $19 and $22 may be tested. Failure to break the confluence at $16 may reverse the price. The support levels below the current price levels are $14, $12 and $10. However, the relative strength index period 14 is bending up at 30 levels to indicate buy signal.

NEO/USD Medium-term Trend – Bullish

NEO is bullish in the medium-term outlook; the bears’s momentum is getting weaker when the price test the support level of $14. The level was tested twice and the price is bouncing towards the resistance level at $16.

NEOUSD 4 hour chart, November 02

The 9 periods EMA is crossing the 21 periods EMA upside while the price is trading above the two EMAs. At the moment, the coin is pulling back to retest the broken level. However, the relative strength index period 14 is below 60 levels bending down to indicate a sell signal 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.