NEO Price Analysis – March 20
As reveals by the daily chart, NEO/USD cannot be stopped as the bull’s aim at the resistance level of $5.
Resistance levels: $52, $54, $56
Support levels: $38, $36, $34
NEO/USD price is now trading close to $5.0 as it hovers around the $4.9 resistance level at the time of writing. The NEO price may continue to move upwards if the price cross above the upper boundary of the channel. Meanwhile, NEO/USD started the week on a better note as the price touches the resistance level of $48
What to Expect from NEO
NEO/USD trading pair is about to maintain an uptrend from the lows traded last a few days ago. More so, as the technical indicator RSI (14) moves below the 60-level forming a sideways movement, the price may cross to the negative side once it faces down and there is a higher chance that the coin may likely find supports at $38, $36, and $34 but if the price crosses above the upper boundary of the channel, the coin may locate the potential resistance levels at $52, $54, and $56 respectively.
NEO/BTC Market; Follows the Downward Movement
Against Bitcoin, the recent price decline places the NEO in a downward trend after witnessing a bullish rally on February 21, indicating a reversal. However, the price action is likely to cross below the 9-day moving average. Looking at a long-term bear market, the 650 SAT and below could provide support levels for the next selling pressure as the RSI (14) moves below 50-level.
Meanwhile, after touching the resistance level of 777 SAT, NEO/BTC price falls to 741 SAT following a sudden rise in the downtrend. Now, we may say that the bears may return back into the market if the bulls failed to hold the support of 750 SAT. However, if the support level of 700 SAT can act as a solid line of defense against any further downtrend; the resistance levels of 900 SAT, 950 SAT and 1000 SAT may come to play.