NEO Price Analysis – July 2
The NEO market has gained approximately 10.81% in the last 24-hours of trading, subjecting the current price at around $17.5. Meanwhile, NEO price has seen substantial growth over the past few days against Bitcoin but, the scenario has been bearish against the Dollar.
Resistance levels: $19, $20
Support levels: $16, $14
The NEO/USD pair has witnessed a little price increase in the past 24-hours trading after testing $16 area on a medium-term retracement as the cryptocurrency currently trades at around the $17.5. The buyers seemed to be stepping into the market. If a long position is opened, the price of NEO may go up to meet resistance at $19 and $20 levels, allowing the bulls to gain dominance.
The token, however, is attempting a bullish cross on the 50 level of the 4-hours RSI. A climb above this level could raise the market to the pre-mentioned resistances. If the bears continue to increase selling pressure, the NEO market may fall back to $16 on the ascending yellow line. Further support lies below at $14. Currently, buying pressure nears the overbought zone on the 4-hours Stochastic RSI.
From the 0.00135BTC low, the NEO market has seen a substantial price increase over the past seven days and allowing the price to trade at around 0.00167BTC as the market approaches the 0.00175BTC resistance. We can consider the token to be following a bullish sentiment. The bulls can further locate resistance at 0.00185BTC and 0.002BTC. The recent positive move was revealed on the 4-hours RSI.
Looking at the current Stochastic RSI, it appeared the bulls are losing momentum as the market reaches the overbought condition. If a wide short position is opened, NEO price may drop to 0.00155BTC, 0.00145BTC, and 0.00135BTC, testing the lower wedge boundary. However, the cryptocurrency remains positive for now.
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