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Neo pulls back at $9.39 level
NEOUSD Price Analysis – November 07
In case the bears exert more pressure Neo will decrease to support level of $8.01, in which it may be penetrated and decline to $7.35 and $6.8 support level. Inability to break down $8.01 support level by the bears may result to continuation of bullish momentum towards previous high at $8.83, above it are $9.39 and $9.86 levels.
Key Levels:
Resistance levels: $8.83, $9.39, $9.86
Support levels: $8.01, $7.35, $6.8
NEO/USD Long-term Trend: Bullish
NEO/USD is on the bullish movement on the long-term outlook. The crypto was bearish till 13 October when the price reached the support level of $7.35. A daily pin bar formed at the level indicating that buyers are ready to dominate the market. Following the scenario is the formation of bullish candles. The price increases and the resistance level of $8.0 and $8.8 was penetrated upside. Bears opposed the bulls and the price is currently pulling back.
The price is trading at close contact above the 9 periods EMA and 21 periods EMA as an indication of low bullish momentum. The relative strength index period 14 is at 48 levels with the signal line pointing down to indicate sell signal. In case the bears exert more pressure price will decrease to support level of $8.01, in which it may be penetrated and decline to $7.35 and $6.8 support level. Inability to break down $8.01 support level by the bears may result to continuation of bullish momentum towards previous high at $8.83, above it are $9.39 and $9.86 levels.
NEO/USD Medium-term Trend: bearish
NEO is bearish on the short-term outlook. The bullish movement was commenced at the support level of $7.3. Bullish momentum was triggered when the price touched the just mentioned level twice. Former resistance level of $8.01 was penetrated upside. At the moment, bears opposed bulls and the price is pulling back towards the support level of $8.01.
The two EMAs are separated from each other with the coin trading below the 9 periods EMA and 21 periods EMA which indicates that bearish momentum is increasing in the NEO market. The relative strength index period 14 is at 38 level with the signal lines facing south to indicate sell signal.
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