NEO Price Analysis – November 28
Yesterday, NEO closed trading at $9.48, but the lowest recorded value of the coin was $9.25.
Resistance levels: $11.0, $11.5, $12.0
Support levels: $8.0, $7.5, $7.0
The crypto market is dealing with the bullish trend. NEO coin is drawing a large benefit out of it. The coin is currently rallying, and the price is $9.48. The movement is advancing towards the intraday high and the improvement in the coin has turned out to be such a big relief for the traders. The last couple of days were disappointing as the coin was floating at the lower levels.
Similarly, it was only after the NEO coin reached $9.83 that it started moving in the downward direction again. The correction above $9.50 is needed for the buyers to focus on the $10.0 resistance level. Besides, the support above $9.50 will safeguard the path towards the resistance levels of $11.0, $11.5 and $12.0. Other key support levels to look out for include $8.0, $7.5 and $7.0. Meanwhile, the stochastic RSI is still moving within the oversold zone.
Looking at the daily chart, NEOBTC is bearish. The price formed a descending channel on the chart moving below the 9-day and 21-day MA. The price is consolidating at the lower support line of the channel. The bulls have started pushing the price upward since November 11 and they are able to control the market for only 3 days after which the bears took over. Had it been that the bulls were able to maintain their stand, the price may likely hit the resistance level of 1380 SAT and above.
Meanwhile, mere looking at the current RSI (14) on the daily chart, it appeared that the bears are dominating the market as the signal line move towards level 40. Should this movement continues, the NEO price may drop to the support levels of 1130 SAT and below, crossing the lower boundary of the descending channel. Currently, the bears still remain dominant in the market.