|Key NEO resistance levels:||$14, $16, $18, $20|
|Key NEO support levels:||$11, $10, $8, $7|
*Price at the time of writing
NEO Long Term Price Prediction: Bearish
On the daily chart, NEO NEO, 5.58% has been following a rising broadening wedge formation for the past few months. After marking $24 as the yearly high, the token reversed its trend on a medium-term correction to $10, where the price meets long-term support on the lower boundary of the wedge formation.
NEO trading has now seen a nice two-day bounce to around $14. The price has dropped a bit, and NEO is currently changing hands at around $12.4. After the three-week price drop, the volume appears to be rising due to the current short-term bull market.
Now that buyers are showing commitment, the key resistances to keep an eye on are $14, $16, $18 and $20. Failure to further power the market upward might lead to a bearish takeover. We can then expect a quick fall back to the $11 and $10 support levels. A break-down on the wedge could drop the NEO price to $8 and $7 – the February low.
At the 30 levels, the RSI saw a sharp rebound after a strong bullish comeback which led to a sudden price increase in the market.
The Stochastic RSI reveals a possible uptrend, and is attempting a bullish crossover. Let’s wait and see how things unfold in the market.
NEO Medium Term Price Prediction: Bearish
Over the past few days of bearish action, the NEO market is on the downside following the dramatic fall to a key support level of $10, from where the wedge support line is drawn (yellow).
From the above support, the token has turned upward to test the $12 and $13 resistances after a sudden bullish action which is likely to continue to meet the $14 and $15 levels at the upper wedge boundary, where a bearish rally is likely to occur.
However, it’s important to note that NEO remains bearish from a medium-term perspective, at least for now. A clear break above $15 could bring the market back into a bullish trend. As of now, the key levels of support for the bear sides lie at $11 and $10 before a possible break plays out.
The sudden price surge has brought the RSI back above 50 level. If the RSI level can provide support for the market, the price of NEO will continue to rise. The token is now overvalued on the Stochastic RSI. We can expect a slight pullback before buyers resume to take over.
NEO Short Term Price Prediction: Bearish
The past positive climb of the past two days is steadily turning the NEO market on an upside after surging above the dotted falling trend line, drawn in yellow. The new white trend line is now acting as diagonal support for the market. The next key resistances lie at $14, $15 and above.
On the downside, the market may test the $12 support, meeting the white trend line. A break could roll the market back to $11 and $10. A look at the Stochastic RSI suggests a buying pressure is again lurking around the corner. Considering the RSI’s condition, the NEO market is indecisive at the moment.