NEO Price Analysis – March 27
NEO is experiencing a fall in the price from the upward trend. The cryptocurrency fell today and wasn’t showing any sign of recovery.
Resistance levels: $9.0, $10.0, $11.0
Support levels: $5.0, $4.0, $3.0
NEO/USD has resumed back in the middle of consolidation as the coin drops to near the $7.0. The price is now roaming around the $6.8 level. If the market continues the down-surge and squeeze, the, $6.0 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 may be following the downward trend as the technical indicator RSI (14) moves below 41-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 $5.0, $4.0 and $3.0 levels. On the upside, we can expect the next resistance levels at $9.0, $10.0 and $11.0.
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 are about to drag the price below the 9-day and 21-day moving averages, any further movement could take the coin to the support levels of 850 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 hold the downward movement, The NEO price may begin an uptrend and push the price to the resistance levels of 1200 SAT and above.
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