NEO Price Analysis – January 22
NEO/USD has reflected a pretty impressive price movement over the past few weeks although some withdrawals may come to play, the coin will still struggle to move up.
Resistance levels: $12.5, $13.0, $13.5
Support levels: $10.0, $9.5, $9.0
Since the beginning of this month, NEO/USD coin has maintained a steady trend except for the last few days that the coin value fell drastically to as low as $10.65. The coin has recorded a tremendous uptrend in this new month rising from $8.41 to $11.88. Despite the setback, this coin may continue moving up again in the near future.
However, the coin started trading today at 11.20 and later moved up to touched $11.53 level. NEO/USD reversed and retested $10.97 from where it begins to rebound; any further movement to the north may like reach the resistance levels at $12.5, $13.0 and $13.5 if the bulls can put more pressure.
Conversely, as it stands now, the sideways movement might come to play as the coin moves below the 9-day moving average. If the technical indicator RSI (14) try to break below the 60-level, the bears may bring the price to reach the supports at $10.0, $9.5 and $9.0.
Comparing with BTC, NEO is still bullish and the price is forming within an ascending channel. As it is now, the price is around the 9-day moving average within the channel consolidating. The bulls pushed the price upward to touch the 1311 SAT but they could not maintain the trend as the price reversed.
However, the RSI (14) on the daily chart is about crossing the 60-level which reveals that the bulls may continue the upward movement but just for a moment and should the bulls fail to do this, the price may fall to the support levels of 1220 SAT and below. More so, if the market continues the upward movement, NEO/BTC may rise to touch the resistance levels of 1350 SAT and above.
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