NEO Price Analysis – May 10
After a period of bullish movement, the bears took full control of the market and lowered the price from $11.5 to $8.8.
Resistance levels: $13, $14, $15
Support levels: $8, $7, $6
NEO/USD started falling yesterday with a price of $12 and the coin is seen dropping below $10 today. However, as the market opens today, the bulls could not push the coin across the ascending channel and it began to show a sign of downward trend which is causing a tremendous drop as the price touches the $8.86 support level.
However, the market is currently following the downward trend as the technical indicator RSI (14) nosedives below 60-level. If the NEO/USD pair continues to stay under the control of bears, the price may roll back to previous supports at $8, $7, and $6. On the upside, we can expect the next resistance levels at $13, $14 and $15.
Looking at the daily chart, NEO/BTC is bearish. The price formed a downward trend on the chart. The coin touches the low of 1105 SAT today where the bears have successfully dragged the price below the 1200 SAT, any further movement could take the coin below the 9-day and 21-day moving averages to hit the support levels of 1000 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 1250 SAT and above.
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