NEO Price Analysis – April 8
NEO/USD has shown a decent gain over the last 24 hours. It must maintain the trajectory in order to generate decent returns.
Resistance levels: $9.2, $9.4, $9.6
Support levels: $6.7, $6.5, $6.3
A couple of days ago, NEO/USD started with a trading price of about $7.02. With less than a few falls that occurred yesterday, the coin still managed to touch $8.14 today. However, it was unable to maintain its effectiveness at this level and began to reverse a little. This caused a sharp drop and it is changing hands around $8.02 presently.
The intraday movement of the coin was quite unstable with several ups and downs. However, starting at $7.74, NEO still managed to reach $8.14 in a day, which shows the potential of the coin that it may continue to rebound from any phenomenon. The potential resistance levels to watch are $9.2, $9.4 and $9.6 while the supports are $6.7, $6.5 and $6.3 respectively. The stochastic RSI signal lines are within the overbought territory.
Comparing with BTC, NEO is still bullish and the price is forming within an ascending channel. As it is now, the price is at the upper resistance line of the channel consolidating. The bulls pushed the price upward to touch the 1099 SAT yesterday but they could not maintain the trend as the price is faced the downward. Currently, the coin is trading above the 9-day and 21-day moving averages at 1088 SAT.
However, the RSI (14) is moving towards the north to indicate the bullish movement. More so, if the market continues the upward movement, NEO/BTC may rise to touch the resistance levels of 1200 SAT and above. But should the bulls fail to do this, the price may fall to the support levels of 980 SAT and below.
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