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NEO Price Analysis: NEO Has Recorded a Mix of High and Low Trends, Where Is the Price Heading To?

NEO Price Analysis – July 26

NEO has been the biggest daily gainer this week despite the bearish cloud hovering across the crypto space. With this gain of more than 3%, the price has come out of the falling resistance.

NEO/USD Market

Key Levels:
Resistance levels: $15, $20, $25
Support levels: $8, $7, $6

NEOUSD – Daily Chart

As it stands now, the bears are very active and dominant, gaining control of the market over since the beginning of this month. Starting from yesterday, NEO recorded a mix of high and low trends when the coin started trading at $11.79 and quickly picked up the pace to rise as high as $12.41. NEO price later dipped down to hit $11.98 followed by $11.83. The coin then recovered a little to reach as high as $12.49

Now, NEO price is trading at $11.82 support level below the 50-day moving average. If the bulls can regroup from this support, they may see a rapid bullish reversal to a close-by resistance levels at $12 and $14 before a further rise to critical levels of $15, $16 and $17. If not, the price falls again to the nearest support of $10 and $11, which may later drag it to $8, $7 and $6 respectively. Meanwhile, RSI (14) is lying at level 40 while the MACD is bearish for NEO as a result of the selling pressure in the market.

NEO/BTC Market

Against Bitcoin, despite the fact that NEOBTC is bearish, the price is currently moving in sideways. It is lying at the support level of 0.0012BTC. The bulls have started pushing the price upward since two days ago and if this movement continues; the buyers may take over the entire market and take the price to the resistance level of 0.0015BTC and 0.0016BTC respectively.

NEOBTC – Daily Chart

However, the bears may not rest unless they drag the market price down to the next available major support levels at 0.0010BTC and 0.0009BTC. RSI has continued to stay above the 40-level for the past three days. We may likely see a positive move if it remains above the mentioned level.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.