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Neo reverses at $7.35 level
NEOUSD Price Analysis – October 29
An increase in the bulls’ pressure will increase Neo to resistance level of $9.39, in which it may be penetrated and increase to $9.86 and $10.57 resistance level. Failure to break up $9.39 resistance level by the bulls may result to bearish movement towards $8.83, $8.01 and $7.35 support levels.
Key Levels:
Resistance levels: $9.39, $9.86, $10.57
Support levels: $8.83, $8.01, $7.35
NEO/USD Long-term Trend: Bullish
NEO/USD is on the bullish movement on the long-term outlook. The price tested the support level of $7.35 twice; meaning that it has formed a double bottom chart pattern. The first touch was on 13 October while the second one was on 21 October. The bullish movement was triggered and the resistance level of $8.01 and $8.83 was penetrated upside. The price is currently exposed to $9.39 resistance level.
The price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish movement. The relative strength index period 14 is at 61 levels with the signal line pointing up to indicate buy signal. An increase in the bulls’ pressure will increase the price to resistance level of $9.39, in which it may be penetrated and increase to $9.86 and $10.57 resistance level. Failure to break up $9.39 resistance level by the bulls may result to bearish movement towards $8.83, $8.01 and $7.35 support levels.
NEO/USD Medium-term Trend: bullish
NEO is bullish on the short-term outlook. The bearish movement that NEO embarked on few days ago has placed the price at $7.35 level. The mentioned level rejected the price and bounced upside to penetrate the former resistance level of $8.01. The coin is currently breaking up $9.39 resistance level.
The two EMAs are separated from each other with the coin traveling above the 9 periods EMA and 21 periods EMA which indicates that bullish momentum is increasing in the NEO market. The relative strength index period 14 is at 64 level with the signal lines facing north to indicate buy signal.
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