PRESS RELEASE: NEO Price Analysis: NEO/USD Makes an Attempt to Break Above the $27 Resistance

NEO Price Analysis – January 25

At the time of writing, NEO/USD is trading at $24.93 after giving a fresh daily high at $26.93.

NEO/USD Market

Key Levels:

Resistance levels: $30, $31, $32

Support levels: $20, $19, $18

NEOUSD – Daily Chart

According to the daily chart, NEO/USD retains the bullish trend around the 9-day moving average and it’s expected to beat even higher. However, NEO shows an impressive move as it seems to be all set to hit above the given resistance and daily high at $26.93. However, the retained support at $22 may likely help the coin from further breakdown as the volatility subsides.

What to Expect from NEO

The NEO price is currently making its fourth attempt to break above an important resistance level. If successful, the price could continue to give a higher high. For a positive peak, the $30, $31, and $32 are the main resistance levels for the coin at the moment. Looking at the trading volume, traders can see the NEO coming up little by little.

On the other hand, a negative spike below the moving averages could test significant support at $20 and $19 before a slippage of $18. More so, NEO/USD is bullish in the long run as the RSI (14) is currently moving below 60-level.

NEO/BTC Market: Remains above the Moving Averages

Against Bitcoin, the NEO pair is bearish and the price is dropping within the descending channel. The daily chart reveals that the price is around the 9-day moving average within the channel consolidating. The bears pushed the price down to touch the low of 709 SAT as they may cross below the moving averages if the selling pressure continues.

NEOBTC – Daily Chart

However, the RSI (14) on the daily chart is facing the south which simply indicates that bears may continue the downward movement, and should the bulls fail to hold the current market, the market price may cross below the moving averages to hit the support levels at 500 SAT and below. More so, if the market follows the upward movement, NEO/BTC may rise to touch the resistance level of 1000 SAT and above.

This is a syndicated post from https://www.cryptovibes.com/blog/2021/01/25/neo-price-analysis-neo-usd-makes-an-attempt-to-break-above-the-27-resistance/