NEO Price Analysis – March 11
NEO is trading downwards, just like any other altcoins in the crypto market. Within the past few days, the coin has experienced a fall from $12.4 to $9.4 trading price area.
Resistance levels: $12.0, $13.0, $14.0
Support levels: $7.5, $6.5, $5.5
NEO/USD has resumed back in the middle of consolidation as the coin drops to near the $9.0. The price is now roaming around the $9.6 level. If the market continues the down-surge and squeeze, the, $9.0 is likely to surface in the next few negative moves. More so, the NEO/USD pair might further look for lower price levels if the bears continue to show commitment.
However, the market is currently following the downward trend as the technical indicator RSI (14) moves below 35-level. Taking a look at the daily chart, we can see the trading volume is becoming low. If the NEO/USD pair continues to stay under the control of bears, the price may roll back to previous supports at $7.5, $6.5 and $5.5 levels. On the upside, we can expect the next resistance levels at $12.0, $13.0 and $14.0.
Looking at the daily chart, NEO/BTC is bearish. The price formed a downward trend on the chart. It is at the upper 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 1100 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 1385 SAT and above.
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