NEO Price Analysis – April 18
Considering the current market structure, NEO market is following a bearish sentiment. The bulls are struggling with the current trend. As appeared on the important MACD indicator, the bulls appeared gathering momentum as price may witness a surge. However, selling pressure is dominant for now.
Resistance levels: $13, $14
Support levels: $10, $9
Last month, NEOUSD traded on a side-way for almost three weeks before the market gained recovery from $8.652 low with a swing high to $14 on April 3. Retesting the price level again, the token followed a downward direction; respecting a channel trend till the time of writing.
Currently, the Stochastic RSI is trading at the overbought zone; signaling a sell entry. The key support levels for a short move are $10 and $9 concurrently. As revealed on the medium-term MACD, the crypto-asset is testing the zero level. Crossing to the positive zone may set price on a bullish breakout. As of now, NEO trades within the trend lines.
However, a break-up could fuel the token for a bullish continuation; leading the buyers to $13 and $14 resistance levels.
On a medium-term chart, NEOBTC has significantly fallen to a current low of 0.002077 BTC. While sitting on the descending yellow trend line, today’s long opening has a bit leveled up the price. There’s a need for more revealing green candles to set the market on a bullish reversal. Otherwise, selling pressure may continue.
The 4-hours Stochastic RSI suggests a potential sell which is likely to test the last support at 0.00207 BTC. A low drive on the support level may further depreciate the value of the token. On the other hand, the 4-hours MACD is revealed at the negative zone; preparing to leave the bearish territory.
If NEO reverses trend, the possible targets for the bulls are 0.0023 BTC, 0.0025 BTC, and 0.0027 BTC resistance level.
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