Bulls may take over the NEO market soon

NEOUSD Price Analysis – September 29

In case the bulls increase their momentum, resistance level of $8 may be penetrated, above the mentioned level are $9 and $10 levels. Should the resistance level of $8 is defended by the bears, NEO may likely decrease to $7, $6 and $5 support levels.

Key Levels:

Resistance levels: $8, $9, $10

Support levels: $7, $6, $5

NEO/USD Long-term Trend: Bearish

NEO/USD is on the bearish movement on the long-term outlook. The coin fell from the high of $11. The resistance level of $11 opposes the continuation of the uptrend. The bears pushed the coin back below the $9 price level where it extends to $7 support level. An attempt was made to break down the just mentioned level. The price sits on $7 support level. At the moment, the bulls are trying to change the price direction, facing $8 resistance level.

The price is trading between the 9 periods EMA and 21 periods EMA as an indication of low bullish movement. The relative strength index period 14 is at 46 levels with the signal line pointing up to indicate buy signal. In case the bulls increase their momentum, resistance level of $8 may be penetrated, above the mentioned level are $9 and $10 levels. Should the resistance level of $8 is defended by the bears, the price may likely decrease to $7, $6 and $5 support levels.

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NEO/USD Medium-term Trend: bearish

NEO is bearish on the short-term outlook. The bearish pressure pushed the cryptos down to $8 price level, the bulls are rejecting further declination of the NEO price. It is being pushed up towards the resistance level of $9. The resistance level of $8 is currently opposing the bulls.

The two EMAs are interlocked 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 50 with the signal lines facing south which may be a pullback.

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