- Neo Price Analysis: NEO Coin Takes Support From The $49 Mark, Struggles To Cross The Daily 20 EMA - Cryptocurrency News - The Market Periodical
- NEO coin gives a tweezer bottom candle pattern in a daily time frame
The NEO/BTC pair is trading at 0.001413BTC with an intraday loss of 0.4%
The 4hr time frame shows a possibility of a symmetrical triangle pattern.
In the daily time frame chart of NEO coin, investors can see the price after getting rejected from the $63 resistance price was stopped by the critical support level of $49. Doing so has also given a tweezer bottom pattern, a solid bullish reversal pattern that should push back the price to its top resistance level of $63. Currently, the price is facing some resistance from the 0.786 Fibonacci level,
Thus NEO coin is trapped inside this small range and could only provide a good opportunity once it breaks those levels.
Regarding the EMA’s, the 200 EMA is constantly moving around the price, not showing any signs of strong resistance or support. The 20-50-100 EMA is moving above the price from which the 20-ema is dynamic support.
The RSi(bearish) is currently at 42, indicating the ongoing bearish momentum, also. By looking at the movement of the RSI, no signs of reversal are observed.
In the 4hr time frame chart, the NEO coin is forming a symmetrical triangle pattern, as this pattern can give a breakout on either side investors should wait for the pattern to show its move before entering the market if it provides breakout on the higher side investors should be cautious about $68 level as it will provide strong resistance. On the downside, it could reach the $35 level.
The MACD indicator shows both signal and MACD line currently below the neutral one indicating some bearish momentum, though by looking at the overall movement, investors can
see that both the lines are constantly moving around the zeroth line, indicating a sideways trend.
Conclusion: from the technical perspective, investors can see that NEO coin is moving in a tight range, providing very few opportunities for a decent trade, though some investors willing to take more risk can trade this 4hr pattern to have an early entry but should manage there trade once it reaches resistance or support level.
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- Date of publication:
- Thu, 06/10/2021 - 23:03
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