NEOUSD Price Prediction; Bulls May Take Over NEO Market Soon

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Can NEO Decline Below $7.3 Support Level?

NEOUSD Price Analysis – October 18

When the bulls increase their momentum, resistance level of $7.9 may be penetrated, which may increase to $8.8 and $9.3 resistance level. Failure to break up $7.9 resistance level by the bulls,  NEO may result to bearish movement towards $7.3, $6.2 and $5.0 levels.

Key Levels:

Resistance levels: $7.9, $8.8, $9.3

Support levels: $7.3, $6.2, $5.0

NEO/USD Long-term Trend: Bearish

NEO/USD is on the bearish movement on the long-term outlook. The bearish movement commenced on 13 August at the high of $11.2. The resistance level of $11.2 withstand the bullish pressure. The bears acquire more momentum and the coin is pushed below the $9.3 price level where it extends to $7.9 support level. Bulls made attempt to pull back the price but bears prevailed. The price penetrated the support level of $7.9 and $7.3 level was tested.

The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish movement. The relative strength index period 14 is at 37 levels with the signal line pointing down to indicate sell signal. When the bulls increase their momentum, resistance level of $7.9 may be penetrated, which may increase to $8.8 and $9.3 resistance level. Failure to break up $7.9 resistance level by the bulls may result to bearish movement towards $7.3, $6.2 and $5.0 levels.

NEO/USD Medium-term Trend: bearish

NEO is bearish on the short-term outlook. There was a pullback on the 4-hour time frame on 26 September. The resistance level of $9.3 is tested but sellers reacted against the bullish movement. The price decline towards the support level of $7.3. At the moment price is bouncing up.

The two EMAs are separated from each other with the coin hovering between the 9 periods EMA and 21 periods EMA which indicates that low bullish momentum in progress in the NEO market. The relative strength index period 14 is at 48 with the signal lines facing south which may be a pullback.

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