NEO Price Analysis – January 8
NEO experienced a heavy fall in the price from the upward trend. The cryptocurrency fell tremendously and wasn’t showing any sign of recovery.
Resistance levels: $10.5, $11.0, $11.5
Support levels: $8.5, $8.0, $7.5
Today, NEO is moving within the middle of consolidation after a heavy drop from near the $10.21. The price is now roaming around the $9.42 level. If the market continues the surge and squeeze, the $9.8 is likely to surface in the next few positive moves. More so, the coin might further look for the higher price levels if the bulls continue to show commitment.
However, the market is currently displaying a sign of subduing volatility with choppy price action. Looking at the daily, we can see the trading volume is still low. If the NEO/USD pair continues to stay under the control of bears, the price may roll back to previous supports at $8.5, $8.0 and $7.5 levels.
On the upside, we can expect the next level of resistance at $10.5, $11.0 and $11.5. The RSI (14) is now moving under level 60.
Comparing with Bitcoin, NEO performance has been very low due to a recurring bearish sentiment which has caused the market to fall drastically. In other words, the price actions remain choppy, trading side-way since December 13. The market is indecisive but the traders have to be on the watch for the possible next NEO’s direction.
For a positive upsurge, the 1300 SAT and 1350 SAT are the major resistance levels for the coin for now. Looking at the current movement of the market, it is revealed NEO at its lowest. Therefore, a negative spike could retest the important support at the 1100 SAT and 1050 SAT before a possible slip to 1000 SAT. The RSI (14) nosedives to level 40, indicating more bearish 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.