NEOUSD - 1D Chart Analysis
Another coin which went through a very good month of February is NEO, with it's price registering a total growth of 29% based on the increased consistency of the trading volumes.
The month started slow, there have been registered sideways movements in the first days, but on the 7th the MACD and the Stochastic have announced the beginning of a bullish trend which eventually happened one day later.
It's also important to notice is that all this time the MACD had it's position consolidated at the top of the Signal showing that the trend will not be changed while the Stochastic has indicated the changes of the price direction for smaller intervals.
Today, if these indicators will not fail in showing the right direction, we have all the reasons to believe that the price has reached it's height on the 24th of February and now it's just constantly losing it's ground.
The MACD's position is below the Signal, the Stochastic is indicating that there is more room for the price to drop while the trading volumes have lost the previous consistency already for a while.
Considering all these circumstances, we believe that the main scenario is the one in which the price will cross the 20 days Moving Average and a bearish trend will start very soon. As a target price, the most realistic one is 8.77$ but the ones with a higher risk appetite can also consider the level of 7.84$ in extension.
On the other hand, if the trading volumes will come back to the better days, it is possible for us to see how the price will bounce back from the Support Level 1 and it will try to reach 9.72$ again.
The month started slow, there have been registered sideways movements in the first days, but on the 7th the MACD and the Stochastic have announced the beginning of a bullish trend which eventually happened one day later.
It's also important to notice is that all this time the MACD had it's position consolidated at the top of the Signal showing that the trend will not be changed while the Stochastic has indicated the changes of the price direction for smaller intervals.
Today, if these indicators will not fail in showing the right direction, we have all the reasons to believe that the price has reached it's height on the 24th of February and now it's just constantly losing it's ground.
The MACD's position is below the Signal, the Stochastic is indicating that there is more room for the price to drop while the trading volumes have lost the previous consistency already for a while.
Considering all these circumstances, we believe that the main scenario is the one in which the price will cross the 20 days Moving Average and a bearish trend will start very soon. As a target price, the most realistic one is 8.77$ but the ones with a higher risk appetite can also consider the level of 7.84$ in extension.
On the other hand, if the trading volumes will come back to the better days, it is possible for us to see how the price will bounce back from the Support Level 1 and it will try to reach 9.72$ again.
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