NEO Price Analysis – July 18
After touching the daily high of $31, the bears are taking full control of the market lowering the price to the $28 level.
Resistance levels: $40, $45, $50
Support levels: $20, $15, $10
Looking at the daily chart, NEO/USD plunges to $28 as the coin moves sideways, amounting to a price change of 0.03% a few hours ago. In fact, the technical indicator is also trading within the negative side as the trend is favorable for bears. However, the $25 support level could provide support for the market if the selling pressure continues.
NEO Price Analysis: Would NEO Price Go Up or Down?
NEO/USD is currently trading at a price level of $29. Now, the price action is moving below the 9-day and 21-day moving averages on the daily chart. If $25 can act as a support level, the NEO price may test the potential resistance again at $40, $45, and $50 respectively. For now, there is no sign of bullish movement as the technical indicator reveals. The main supports for this market are located at $20, $15, and $10 as the Relative Strength Index (14) is likely to cross into the oversold region to increase the bearish movement.
NEO/BTC Market: Bears are Flexing their Muscles
Against Bitcoin, the NEO price is trading around the upper boundary of the channel. Presently, the price is trading below the 9-day and 21-day moving averages. So if the bears continue to introduce more pressure into the market, NEO/BTC may likely hit the critical supports at 750 SAT and below.
However, the Relative Strength Index (14) shows that the market may begin a sideways movement as the signal line moves in the same direction near the oversold region and traders may need to wait for the next possible directions of the coin. Meanwhile, a reversal might come to play if the key support of 950 SAT could hold the price and there might be a bull-run towards the next resistance levels of 1200 SAT and above.