NEO Price Analysis – May 18
The current market performance of the coin may improve drastically in the next few days and it may cross $11 to trade above it very soon.
Resistance levels: $11.5, $12.0, $12.5
Support levels: $9.0, $8.5, $8.0
Today, NEO/USD has resumed back in the middle of consolidation after a slight drop from near the $9.84. The price is now roaming around the $10.2 level. If the market continues the surge and squeeze, the, $11.0 is likely to surface in the next few positive moves. More so, the NEO/USD pair might further look for higher price levels if the bulls continue to show commitment.
However, the market is currently displaying a sign of subduing volatility with choppy price action. Taking a look at the price chart, we can see the trading volume is still low. If the NEO/USD pair continues to stay under the control of bears, the price may roll back to previous supports at $9.0, $8.5 and $8.0 levels. On the upside, we can expect the next level of resistance at $11.5, $12.0, and $12.5. The RSI (14) is now following a sideways movement as the signal line moves in the same direction.
Against Bitcoin, The performance of NEO has been very low due to a recurring bearish sentiment which has caused the market to touch the daily low at 1040 SAT. While the price actions remain choppy, If the bulls failed to push the price above the moving averages, it may likely drop towards the nearest support level of 950 SAT and below.
However, for a positive spike, the 1150 SAT and 1200 SAT are the major resistance levels for the coin. Taking a look at the chart, despite the fact that NEO is following a sideways movement, a negative spike may likely retest the important support at the 1000 SAT before a possible slip to 950 SAT. Meanwhile, the signal line of the RSI (14) is facing the 50-level which may hint more buy signals.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results