Price Analysis

NEO Starts an Uptrend; Bullish Trendline Remains Intact

After quite a long bearish spree, the NEO coin has finally started an uptrend, which is likely to remain intact if it manages to clear resistance above $10. The coin has formed a low swing over the last week while it has found a support level at $8.51. Notably, the last couple of days have witnessed a strong bullish trendline taking place.

NEO Price Prediction:

A week ago, the coin opened at $9.25 and continued the bearish fall. On the same day, the coin breached below $9.0 to trade in the price range of $8. The NEO coin kept shifting its support levels downwards till it bottomed at $8.51. Seeing a support level there, the NEO currency slowly uplifted, and it maintained its slow pace till December 7. After that, the price jumped with a notable escalation reaching above the 23.60% Fib level.

A pullback took place on the next day when it had a close at $8.79. After another spike above $9, the coin again came back to the price range around $8. At 12:30:17 UTC, NEO is trading at $8.97, just below the 38.20% Fib level.

NEO Price Chart
NEO/USD Chart by TradingView

Technical indicators look positive except for the MACD chart. The short-term SMA line (50-day) is above the long-term SMA line (200-day), noting a bullish sign for the coin. RSI is near 45, indicating a neutral zone.

NEO coin is likely to face resistance at $9.25, $9.41 and $9.6 and support level at $8.90, $8.71 and $8.55.

Tags

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button
Close