NEO Price: $9 Key NEO Resistance Levels: $10.5, $13 Key NEO Support Levels: $7, $5

*Price at the time of writing

NEO price long-term trend: Bullish

For the past four months, NEO has been following a bullish sentiment climbing on a higher high, higher low pattern. As of today, it is clear on the chart that the NEO price action has been bound in an ascending broadening wedge, acting as support and resistance levels for the market.

Buy/Sell NEO (NEO)

How to buy NEO (NEO) on Binance

Currently, the NEO market is subdued with low volatility and positioning the market in a bearish trend as price action bottoms on the lower trend line attempting to break low. In case of a price drop, the token may find support at $7, re-testing the February low.

Furthermore, the trend may correct to the 2018 low at the $5.6 support. As the daily Stochastic RSI lies at the oversold territory, NEO may bounce up to $10.5 resistance level and may possibly extend further to $13.

After reaching the overbought territory in April, the daily RSI has plunged to the current 30 level, retesting the RSI pre-December support. If the price breaks to the oversold area, the NEO market may experience a massive drop. At the moment, the $9 level is holding strong.

NEO price medium-term trend: Bearish

Looking at the medium-term structure, NEO is waving in a descending channel trend after topping at $14 during last month’s positive move. With the current market outlook, the NEO market has followed a downward movement as the bears continue to gain control of the market. The bulls are playing along with the momentum, still looking for a buying opportunity.

In a short period, NEO could drop to the $8 support and below. As suggested on the 4-hour Stochastic RSI, buying pressure may last until the market reaches the upper trend line. If the pressure persists higher, a break-up may lead the bulls to the $10.5 resistance level and above.

As confirmed on the 4-hour RSI, the bearish scenario is revealed from the overbought territory to the current oversold zone which has just been leveled upward. If the RSI can manage to break out of the 50 level, the NEO market could be positioned for a bull-run. However, breaking the 30 level downwards could resume a bearish rally.

NEO price short-term trend: Bearish

Since May 3, NEO has been trading within a channel boundary as the price of the token continues to drop significantly. In the last few hours of trading, the market has been consolidating, signaling an indecisive trade with doji candles which might eventually lead to shorting NEO.

The hourly Stochastic RSI has been revealed at the overbought zone, suggesting possible selling pressure which may be around the corner. The nearest support level is $8.4. A break-up, however, could propel the NEO price to the $9.4 resistance level and beyond.

Currently, the hourly RSI is slightly revealed above the 50 level. A further rise-up may build momentum in an upward direction. At the moment, the NEO market is bearish from a short-term trend.