NEO Price Analysis: NEO/USD Trades Below $12 after Bears Show-up

NEO Price Analysis: NEO/USD Trades Below $12 after Bears Show-up
3.2 (64%) 5 votes

NEO Price Analysis – August 7

After a period of consolidation, the bears took full control of the market and lowered the price yesterday from $12.6 to $11.4.

NEO/USD Market

Key Levels:
Resistance levels: $14, $15, $16
Support levels: $8, $7, $6

NEOUSD – Daily Chart

NEO started with a trading price of about $11.9 yesterday. With less than a few falls, the coin still managed to reach $12.6 the same day. However, it was unable to maintain its effectiveness at this level and began to show signs of a downward trend. This caused a sharp drop and the price then closed at $11.2.

The intraday movement of the coin was quite unstable with several ups and downs. However, starting at $11.2, NEO still managed to reach $11.6 in a day, which shows the potential of the coin that it can rebound from any phenomenon. The potential resistances to watch are $14, $15 and $16 while the supports are $8, $7 and $6 respectively. MACD signal lines are in the positive side giving fade buy signals.

NEO/BTC Market

For the past few months, NEO performance has been very low due to a recurring bearish sentiment which has slipped the market to a daily low at 947 SAT level. While the price actions remain choppy, let’s be on the watch as BTC drags NEO to the nearest support level of 800 SAT and below.

NEOBTC – Daily Chart

However, for a positive spike, the 1200 SAT and 1250 SAT are the major resistance levels for the coin. Taking a look at the chart, despite the fact that NEO is at its lowest, a negative spike may likely retest the important support at the 800 SAT and 850 SAT before a possible slip to 900 SAT. Meanwhile, the signal lines, as well as the MACD line, are underneath the zero line which hints more sell signals.

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.

About AzeezMustaph

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.