NEO Price Analysis – August 26
NEO/USD has experienced a pretty impressive price movement over the past few weeks.
Resistance levels: $19.5, $20.0, $20.5
Support levels: $15.0, $14.5, $14.0
Since the beginning of this month, NEO/USD coin has maintained a steady trend except for the last few days that the coin value fell drastically to as low as $16.0. The coin has recorded a tremendous uptrend in this new month rising from $11.8 to $20.0. Despite the setback, this coin may continue to move up again in the near future.
What Is the Next Direction for NEO?
NEO/USD has gained over 2.2% since the start of the day, though it touched the daily low of $16.8. The daily chart reveals that NEO/USD strengthens and breaches yearly resistance around $20. Today, the coin hit the daily high at $18.10 level; any further movement to the north may like reach the resistance levels at $19.5, $20.0 and $20.5 if the bulls can put more pressure.
Conversely, as it stands now, the sideways movement may come to play as the coin moves around the 9-day moving average. If the technical indicator RSI (14) try to break below the 60-level, the bears may drag the price to reach the supports at $15.0, $14.5, and $14.0.
Against BTC, NEO is still bullish and the price is forming within an ascending channel. As it is now, the price is above the 9-day and 21-day moving averages within the channel consolidating. The bulls pushed the price upward to touch the 1572 SAT but they could not maintain the trend as the price reversed.
However, the RSI (14) on the daily chart is above the 60-level which reveals that the bulls may continue the upward movement but just for a moment and should the bulls fail to do this, the price may fall to the support levels of 1300 SAT and below. More so, if the market continues the upward movement, NEO/BTC may rise to touch the resistance levels of 1700 SAT and above.