*Price at the time of writingNEO 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.
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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 ...