NEO/USD Price Analysis: Market momentum shifting towards the bulls

  • NEO/USD went down from $11.35 to $11.10 this Friday.
  • SMA 200 and SMA 50 about to converge and chart the golden cross pattern.

NEO/USD went down from $11.35 to $11.10 this Friday, however, technical analysis shows us that the bulls are quietly taking back the control. Ever since the bulls failed at the $14 resistance line, the bears have had a stranglehold on the market, taking the price down from $13.75 to $11.10 over the last two weeks. On the upside, if the bulls do a takeover, the near-term resistance lies at $11.50. However, if the bears continue their downward momentum, the nearest support is at $10.75.

NEO/USD Daily Chart

  • NEO/USD is still trending above both the SMA 200 and SMA 50 curves.
  • SMA 200 and SMA 50 is about to chart a golden cross pattern which is a heavily bullish signal.
  • The Elliot Wave Oscillator has been bearish over the last 11 sessions but with decreasing intensity.
  • The signal line and MACD line has minimized its divergence, which shows decreasing bearish momentum.
  • The relative strength index (RSI) indicator is trending in the neutral zone.
     

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.