NEO Price Analysis – February 24
After a period of consolidation, the bears took full control of the market and lowered the price from $14.3 to $13.1.
Resistance levels: $16, $17, $18
Support levels: $11, $10, $9
NEO/USD started trading yesterday with a price of $13.6 and the coin still managed to reach $14.6 the same day. However, as the market opens today, the coin was unable to maintain its effectiveness at this level; it began to show a sign of downward trend which caused a sharp drop as the price touched the $12.9 support level.
Moreover, the intraday movement of the coin was quite unstable with several ups and downs. However, starting at $14.32, NEO still managed to reach $14.57 today, which shows the potential of the coin that it can still rebound from any phenomenon. The potential resistances to watch are $16, $17 and $18 while the supports are $11, $10 and $9 respectively as the RSI (14) moves below 50-level, giving sell signals.
Looking at the daily chart, NEO/BTC is bearish. The price formed a downward trend on the chart. It is at the lower support line of the channel consolidating. The bears have successfully dragged the price below the 9-day and 21-day moving averages, any further movement could take the coin to the support levels of 1250 SAT and beyond.
However, looking at the current RSI (14) indicator on the daily chart, it appeared that the bears are still putting pressure on the bulls. Meanwhile, if the bulls can regroup and halt the downward movement, The NEO price may begin an uptrend and push the price to the resistance levels of 1550 SAT and above.
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