NEO Price Analysis – September 26
NEO has progressed slowly in recent days. The highest recorded value of NEO yesterday was $7.73 and is currently trading below that.
Resistance levels: $11, $12, $13
Support levels: $5, $4, $3
NEO has done everything to establish its strong presence in the crypto market. The coin has managed to stay in the major currencies we talk about globally and has also generated profits for traders reaching $18 in the last 90 days. The coin may have fallen below $10 now, but could soon accelerate to $15 again.
In addition, NEO/USD trades within the descending channel and below the EMA of 9 and 21 periods. This is the position in which the coin has been trading for eight days. The stochastic RSI is in the oversold zone with signal lines pointing downwards to indicate more bearish signals. Falling below the $10 mark, NEO will continue to post price weakness and decline until the market finds a stable level to reinforce its uptrend.
The coin could probably reach critical levels of supply at $5, $4 and $3. Meanwhile, the resistance levels to watch are at $11, $12 and $13 respectively.
Comparing with BTC, NEOBTC is still bearish and the price is forming a descending channel and it is at the upper support line of the channel consolidating. The bulls pushed the price upward to touch 883 SAT yesterday but they could not maintain the trend as the price fell back to 874 SAT.
However, the Stochastic RSI on the daily chart appeared that the bulls may likely step back into the market once it started recovering from the oversold condition. Should the bulls fail to dominate, the price may fall to the support levels of 750 SAT and above. More so, if the market begins the upward movement, NEO/BTC may rise to touch the resistance levels of 1000 SAT and above.
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