NEO Price Analysis – May 12
NEO is trading downwards, just like any other altcoins in the crypto market.
Resistance levels: $135, $145, $155
Support levels: $80, $70, $60
NEO/USD has resumed back in the middle of consolidation as the coin drops below the $100 support. The price is now roaming around the $104 level. If the market continues the down-surge and squeeze, the $90 support is likely to surface in the next few negative moves. More so, NEO/USD pair might further look for lower price levels if the bears continue to show commitment.
Where is NEO Price Going Next?
NEO/USD is currently trading below the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) prepares to move below 50-level. Meanwhile, taking a look at the daily chart, we can see the trading volume is becoming low.
Therefore, if NEO/USD pair continues to stay under the control of bears, the price may roll back to the supports of $80, $70, and $60. On the upside, if the bulls step back into the market and push the coin above the 9-day MA, traders can expect the potential resistance levels at $135, $145, and $155.
NEO/BTC Market: Consolidating Within the Moving Averages
Looking at the daily chart, NEO/BTC is range-bound. Although, the price is forming a downward trend on the daily chart as bulls failed to push the coin higher. However, NEO/BTC is at the upper support line of the channel consolidating. The bears have successfully dragged the price below the 9-day moving average and any further movement could take the coin to the support levels of 1700 SAT and below.
However, looking at the current Relative Strength (14) on the daily chart, it appears that bears are still putting pressure on the bulls. Meanwhile, if the bulls can regroup and halt the downward movement, The NEO price may begin an uptrend and push the price to the resistance levels of 2300 SAT and above.