Neo is pulling back at the $6.6 level
NEOUSD Price Analysis – 24 November
In case the bulls exert more pressure, NEO will increase to break up the $7.3 resistance level, and the resistance levels of $8.0 and $8.8. The inability to break up the $7.3 resistance level the bulls may result in the continuation of bearish momentum toward the low at $6.6, below is $5.4 and $4.0 levels.
Resistance levels: $7.3, $8.0, $8.8
Support levels: $6.6, $5.4, $4.0
NEO/USD Long-term Trend: Bearish
NEO/USD is on the bearish movement on the long-term outlook. Crypto has been on bearish movement since 14 August. The resistance level of $11.9 rejected the bullish movement on 14 August. The bearish engulfing candle formed and the price began to obey the bears’ command. The former support levels of $8.8 and $8.0 have turned to the resistance levels. The price bottomed at the $6.6 support level.
The price is trading at close contact below the 9-periods EMA and 21-periods EMA as an indication of low bearish momentum. The relative strength index period 14 is at 46 levels with the signal line pointing up to indicate a buy signal. In case the bulls exert more pressure, the price will increase to break up the $7.3 resistance level, and the resistance levels of $8.0 and $8.8. The inability to break up the $7.3 resistance level the bulls may result in the continuation of bearish momentum toward the low at $6.6, below are $5.4 and $4.0 levels.
NEO/USD Medium-term Trend: Bullish
NEO is bullish on the short-term outlook. The support level of $6.6 has been tested three times; the first test was on 09 November, the price consolidates for a few days and on 22 November, the same support level was tested. At the moment, NEO is increasing toward the resistance level of $7.3.
The two EMAs are separated from each other with the coin trading above the 9-periods EMA and 21-periods EMA which indicates that bullish momentum is commencing in the NEO market. The relative strength index period 14 is at 66 levels with the signal lines facing north to indicate a buy signal. NEO is at price lower level, Dash 2 Trade is soaring higher.
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