NEO Price Analysis – September 8
NEO has reflected a pretty impressive price movement over the past two days. There were some withdrawals, but the coin struggled to move up.
Supply levels: $10.5, $11.0, $11.5
Demand levels: $7.5, $7.0, $6.5
NEO price has recorded more than 1.5% surge since yesterday after it rose from $8.67 to its current value at $9.24. The coin started trading today at $9.09 and quickly picked up the pace to rise as high as $9.24. This is a better trend than yesterday when the coin started at $8.67; today, the price surged up to $9.46 and started dropping down fast to hit $9.2, where it is presently.
Similarly, it was only after the NEO coin reached $9.2 that it started moving in the upward direction again. The correction above the 21-day MA is needed for the buyers to focus on the $10 supply level. Besides, the support above $10 will safeguard the path towards the supply levels of $10.5, $11.0 and $11.5. Other key demand levels to look out for include $7.5, $7.0 and $6.5. Meanwhile, RSI (14) is moving above the 40-level while the trading volume is becoming low.
Looking at the daily chart, NEOBTC is bearish. The price is still forming a descending channel and it is at the lower support line of the channel consolidating. The bulls have started pushing the price upward since yesterday but if they are able to maintain the upward trend, the price may likely hit the supply levels at 970 SAT and above.
However, looking at the Stochastic RSI on the daily chart, it appeared that the bulls are gaining momentum as the market is trying to recover from the oversold condition. Should the bulls fail to push the price upward, it may drop to the demand levels of 770 SAT and below. More so, if the market continues the uptrend movement as it is currently, NEO may swing high and remain the dominant of the market.
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