NEO Price Analysis – December 24
NEO is consolidating within the channel waiting for a potential breakout, following the past two weeks of price actions.
Resistance levels: $9.5, $10.0, $10.5
Support levels: $7.6, $7.1, $6.8
NEO bulls have been consolidating for close to a month now to come out of the channel since November 24. 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.
However, 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 $8.66 which is around the 9-day moving average after bringing the price from $8.34 support. Meanwhile, if the support gets weak, a price break-down may occur at $7.6, $7.1 and $6.8 support levels.
Moreover, a bullish movement may likely push the price to $8.9 resistance with a possible break out of the channel and move towards the $9.5, $10.0 and $10.5 resistance levels. At the moment, the stochastic RSI moved above the 80-level into the overbought zone.
Against Bitcoin, the price is consolidating around the moving averages of 9-day and 21-day and the RSI (14) moves toward 50-level and the current movement may end bullishly. Nevertheless, a possible drop may likely surface and break below the channel while the coin could reach the support levels of 1100 SAT and 1050 SAT respectively.
However, as the technical indicates an upward movement, the market might experience some form of the bullish trend and this could push the price to the resistance levels of 1250 SAT and 1300 SAT. But come to think of it, breaking the mentioned resistance may likely give the NEO price a new high of the month.
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.