NEO Price; Is It a Bearish Continuation or Price Reversal?

NEO Price; Is It a Bearish Continuation or Price Reversal?

NEO Price Analysis – February 02

Should the bulls push up the price above the resistance level of $25, then, the price may increase to $28 and $32 price level. In case the bears prevail and the price burst out at the support level of $22, the price will reduce to the $19 support level and may test the $15 level.

NEO/USD Market
Key Levels:

Resistance levels: $25, $28, $32

Support levels: $22, $19, $15

NEO/USD Long-term Trend – Ranging

NEOUSD is on the ranging mode in the daily chart. The short “M” pattern formed last two weeks drove the price down to the support level of $19 on January 27. The mentioned level holds the price and it could not break it down. The bulls tried and pick up the market but the momentum is not strong enough to drive the market fast. The price consolidates between the two dynamic support and resistance level throughout last week. Today, it seems the bulls want to dominate the market as the bullish candle open the market.

NEOUSD Daily chart, February 02

The two EMAs are parallel to each other at a close range and the coin is trading in between the 9 periods EMA and 21 periods EMA. Should the bulls push up the price above the resistance level of $25, then, the price may increase to $28 and $32 price level. In case the bears prevail and the price burst out at the support level of $22, the price will reduce to the $19 support level and may test the $15 level. However, the relative strength index period 14 is displaying a bullish signal.

NEO/USD Medium-term Trend – Ranging

The bulls’ momentum and the bears’ momentum are at equilibrium in the 4-hour chart. The support level of $19 was tested on January 27, the price bounces off the level and inclined towards the resistance level of $25. The bearish momentum became weak and the price could not reach the mark. The price results in consolidation around $22 price level.

NEOUSD 4-hour chart, February 02.

The 9 periods EMA is interlocking to the 21 periods EMA while the price is trading over and around the two EMAs. The relative strength index period 14 is displaying a bullish 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.