NEO price analysis: $18.50 key weekly pivot
18:28, 24 September 2020
NEO remains under heavy selling pressure as the popular cryptocurrency trades down by more than 20 per cent over the past four-days.
NEO technical analysis shows that the $18.50 level is the key technical area to watch this week for a potential reversal or more heavy losses.
NEO medium-term price trend
NEO has incurred four consecutive days of trading losses, with the cryptocurrency now trading below $20.
NEO price analysis shows that bulls need to defend the $18.50 level to avoid further losses towards $16.00.
The daily time frame shows that major downsloping trendline support and a key former breakout area are found at the $18.50 level.
Medium-term analysis shows that the $24 level is a medium-term bullish target for NEO/USD bulls if the $18.50 support area holds.
Traders should note, however, that a continuation of the recent slide towards $16 could take place if the $18.50 level is broken.
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NEO short-term price trend
NEO technical analysis over the short term shows that the cryptocurrency has a bearish bias while the price trades below $19.50.
The four-hour time frame shows that a bearish head-and-shoulders pattern has formed, following the recent powerful reversal from the $26.00 level.
According to the size of the bearish reversal pattern, the NEO/USD pair could fall towards $13.50 if neckline support around the $19.50 level is broken.
Short-term traders may sell a sustained breakout below $19.50, in expectation of a $6.50 downside move.
NEO technical summary
NEO technical analysis shows that a bearish reversal pattern is warning that the NEO/USD pair could fall towards the $13.50 support area.
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