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NEO PRICE ANALYSIS:- Bullish Run in 4hr time interval, will the bulls be able to break the Resistance?

  • The trading volume of NEO coin in the last 24hr at the time of writing this article is -11.91%
  • The price of NEO/BTC and NEO/ETH at the time of writing this article is 0.0009062BTC and 0.01263ETH
  • The price taking resistance in the 100MA

LONG TERM VIEW:-

In the daily chart time interval we can see that the price is not able to break the 100MA resistance as the sellers are putting a lot of pressure on the buyers. We can also see the Moving Average as the 50MA and 100MA is below the 200MA and we can see that the 50MA is above the 100MA. In addition to that we can see that RSI is in the neutral zone near the 48, we can also see that RSI is pointing towards the overbought zone(70). Lastly we can see that the MACD has started showing the green candles as the MACD line is now crossing the Signal line.

We can also see that MACD showing green histogram as the price is near the resistance it depends on the volume of the buyers as the bulls need a huge volume to break the 100MA and make the trend bullish.

trading view

SHORT TERM VIEW:-

In the 4hr time interval we can see that the RSI is on the overbought zone line of 70 and it is pointing towards the 80 line so we can still see some more movement in the bullish side and then the trend might change for the bearish. In the MACD we can see that the MACD line is above the signal line and there is no sign of them to change its direction. Lastly we can see that the moving average, as the 20MA has crossed the 50MA in an upward direction and is heading towards the 100MA.

trading view

CONCLUSIONS:-

Looking at the both long term and short term we can see that the price is near the resistance as the bulls are trying their best to break the resistance. All the technical indicators in the daily time interval we can see the MACD is showing green candles as the sentiment is changing among the people. So we might see the trend to be bullish but if it fails to break the resistance then the trend might go bearish.

RESISTANCE:-$48,$53

SUPPORT:- $35,$25

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