NEO Price Analysis – October 7
NEO is consolidating within the channel waiting for a potential breakout, following the past few days of price actions.
Resistance levels: $8.5 $9.0, $9.5
Support levels: $6.2, $5.7, $5.2
NEO bulls have been fighting for more than a week now to come out of the channel they were pushed into during last month’s declines. Another fall occurred in the price yesterday but a rise is spotted in today’s chart. According to the previous trading, the market is forming a pattern where the day begins with either having an uptrend or downtrend, but towards the end, it reverses.
Looking at the daily chart, NEO/USD price has continued to consolidate itself in a flag formation, waiting for a potential breakout. The daily price shows us that NEO/USD had been raised to $7.43 which is touching the 9-day moving average after bringing the price from $7.1 support. Meanwhile, if the support gets weak, a price break-down may occur at $6.2, $5.7 and $5.2 support levels.
More so, a bullish trend may likely push the price to $8.0 resistance with a possible break out of the channel and move towards the $8.5, $9.0 and $9.5 resistance levels. At the moment, the stochastic RSI moved above the 50-level towards the oversold zone.
Against Bitcoin, the price is consolidating around the moving averages of 9-day and 21-day and the stochastic RSI is about to enter into the overbought which may soon end the bullish movement when turns downward. A possible drop may likely surface and breakdown below the channel, the coin could reach the support levels of 850 SAT and 840 SAT respectively.
However, as the technical indicator enters into the overbought zone, the market might experience some form of the bullish trend and this could push the price to the resistance levels of 950 SAT and 1000 SAT. But come to think of it, breaking the mentioned resistance may likely give the NEO price a new high of the month.
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