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Dalmas Ngetich
Apr 15, 2022
by Dalmas Ngetich

NEO supported but down 6%, Immediate Resistance at $21

NEO

Table of contents

  1. Past Performance of NEO
    1. NEO Technical Analysis
    2. What to Expect from NEO?
NEO is within a bear breakout formation, with caps at $21 and $19 representing the April 11 trade range. A close below this week's lows may see the coin drop towards Q1 2022 lows of $18—and worse if bears add to their shorts.

Past Performance of NEO

NEO is flat-lining at spot rates, down six percent in the past trading week versus the USDT. The candlestick formation in the daily chart shows that the coin has posted higher highs versus the lower BB.

However, prices are still within the April 11 bear engulfing bar. Therefore, while buyers are upbeat, the setup points to sellers in the immediate term.

NEO Technical Analysis

NEO Daily Price Chart for April 15

From an effort versus results perspective, sellers have the upper hand provided prices are within the April 11 bear bar. The immediate resistance level is $21, flashing with the April 11 highs. A close above this mark with rising volumes may be the base for a leg up towards $26.

As per the formation in the daily chart, aggressive sellers can unload on pullbacks with targets at $19—April 11 lows—and later $18—March 2022 lows.

What to Expect from NEO?

Technically, NEO is bearish. Still, the higher highs from April 13 and the failure of bears to confirm sharp losses of early this week may be interpreted as positive. Nonetheless, prices may float higher once there is a comprehensive close above $21.

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NEO supported but down 6%, Immediate Resistance at $21
Dalmas Ngetich
Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.

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