NEO Price Analysis – December 7
NEO/USD has shown a decent gain over the last 24 hours after days of slow movements. It must maintain the trajectory in order to generate decent returns.
Supply levels: $10.0, $10.5, $11.0
Demand levels: $8.0, $7.5, $7.0
A couple of days ago, NEO/USD started with a trading price of about $8.65. With less than a few falls, the coin still managed to touch $9.29 today. However, it was unable to maintain its effectiveness at this level and began to show signs of a downward trend. This caused a sharp drop and it is changing hands around $8.91 presently.
The intraday movement of the coin was quite unstable with several ups and downs. However, starting at $8.75, NEO still managed to reach $8.91 in a day, which shows the potential of the coin that it can rebound from any phenomenon. The potential supplies to watch are $10.0, $10.5 and $11.0 while the demands are $8.0, $7.5 and $7.0 respectively. The stochastic RSI signal lines are recovering from the oversold zone giving fade buy signals.
Since November 14, NEO performance has been very low due to a recurring bearish sentiment which has slipped the market to a daily low at 1184 SAT level. While the price actions remain choppy, let’s be on the watch as BTC drags NEO to the nearest demand level of 1100 SAT around the lower boundary of the Bollinger bands
In other words, for a positive spike, the 1300 SAT and 1350 SAT are the major resistance levels for the coin. Taking a look at the chart, despite the fact that NEO is at its lowest, a negative spike may likely retest the important support at 1050 SAT and 1000 SAT before a possible slip to 950 SAT. Meanwhile, the signal lines of the MACD line are about to move below zero-level which indicates more sell signals.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.