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NEO Price Analysis – September 14
There is a tendency for the price to reverse at the demand level of $8.7 in case the bulls defend the level.
Resistance levels: $10, $10.5, $11.0
Support levels: $7.5, $7.0, $6.5
Taking a look at the chart, NEO/USD is ranging. More so, 3 days ago, the bears pushed the coin to find support at $8.76 price level. A daily candle formed a pin bar at the level, which is a bullish reversal candle and the price soared towards the north side at $9.0. Yesterday, the price dropped and closed at $8.97. Today, after touching $9.0, it started dropping again to hit $8.93, where it is presently.
However, NEO/USD is trading within the symmetric channel and below the 21-day moving average. This is the position the coin has been trading for more than five days. The RSI (14) is at 43 levels with the signal lines pointing down to indicate a sell signal. If the bulls could break out of the channel to trade above the moving average, the pair will target the resistance level of $10, $10.5 and $11. On the other hand, should the Bears break down the support level of $8.6, the next levels to focus on are $7.5, $7.0 and $6.5.
Against BTC, looking at the daily chart, NEOBTC is bearish. The price is still forming a descending channel and it is at the lower support line of the channel consolidating. The bulls pushed the price upward to touch 894 SAT some days ago but they could not maintain the trend as the price fell back to 864 SAT.
Nevertheless, the Stochastic RSI on the daily chart appeared that the bears may likely dominate the market as it is trying to recover from the overbought condition. Should the bears fail to dominate, the price may rise to the resistance levels of 955 SAT and above. More so, if the market continues the downward movement as it is currently, NEO/BTC may dig dip to touch the support levels at 755 SAT and below.
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