NEO trading: NEO May Escalates as Price Surge Is Around the Corner

NEO trading: NEO May Escalates as Price Surge Is Around the Corner
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NEO Price Analysis – April 22

In the last three weeks of selling NEO, the market has been subdued with low volatility as price action remains choppy. The long squeeze is likely to witness a new wave which could turn positive. In case of a negative move, the crypto-asset may slip to potential support below the channel.

NEO/USD Market

Key Levels:
Resistance levels: $12, $13, $14
Support levels: $10.3, $9.5, $9

With choppy price action, NEO trading has been positioned in a channel since April 11, following the bearish sentiment earlier this month. Up to this moment, the bears are still gaining control of this pair.

NEOUSD, 4H Chart April 22

Currently, in a tight range, NEO swings up to hit the upper channel. A bounce low could send the token to $10.3 support level. Above the channel, a bullish surge is likely to meet immediate resistance at $12, $13 and $14 in a subsequent move. By then, the 4-hours RSI should have significantly broken 60 level upward.

Below the channel, however, a bearish surge could possibly provide support at $9.5 and $9 supports respectively which may further position the RSI in the oversold region.

NEO/BTC Market

From a medium-term perspective, NEOBTC market has been dramatically subdued with choppy price action. The cryptocurrency has been maintaining a downtrend since April 6 due to heavy supply force.

NEOBTC, 4H Chart April 22

Trading in a falling channel for the past twelve days, selling pressure has quite remained within the range of the trend lines. With this long squeeze, a surge in volatility may occur; changing the trend which may possibly be followed by a bullish breakout.

If such a scenario occurs, a spike may hit a possible resistance level at 0.0022 BTC and above. The 4-hours RSI is revealed in an upward direction. Surpassing 51.5 level could confirm a positive move. However, a rejection at the mentioned level could slip price to 0.0019 BTC support.

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

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