NEO Price Analysis – July 14
There is a tendency for the price to reverse at the support level of $10 in case the Bulls defend the level.
Resistance levels: $12.0, $12.4, $12.8
Support levels: $9.8, $9.4, $9.0
Taking a look at the chart, NEO/USD is ranging as the bears pushed the coin to find support at $10.05 price level a few days ago. A daily candle formed a pin bar at the level, which is a bullish reversal candle and the price soared towards the north side at $11.27. Yesterday, the price dropped and closed at $10.62. Today, after touching $11.10, it started dropping again to hit $10.25 but currently trading at $10.87.
However, NEO/USD is trading within the descending channel and around the 9-day and 21-day moving averages. This is the same position that the coin has been trading for more than five days. The RSI (14) is at 55-level with the signal line pointing up to indicate a buy signal. If the bulls could break out of the channel, the pair will target the resistance level of $12.0, $12.4, and $12.8. In other words, should the bears break down the moving averages; the coin may likely hit the support levels at $9.8, $9.4, and $9.0.
When compares with Bitcoin, the market price is consolidating above the 9-day and 21-day moving averages while the technical indicator RSI (14) is about to cross above the 60-level. More bullish movements may likely push the coin above the channel, the coin could then reach the resistance levels of 1250 SAT and above.
However, as the technical indicator focuses on the north, should the bulls fail to push the coin above the channel, the market price may likely fall below the moving averages and further bearish movement may hit the support levels of 1100 SAT and below.