The Struggle Between Neo’s Demand and Supply Tightens up as Bulls Retest the Resistance
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For the past three days, the Neo demand zone has been very active. The motion of the supply zone was aborted near the support level as the bulls gather momentum around this place and due to their activities, the market is turning to the upside. The pressure is returning to the supply level. However, the bull market will need to double its efforts to break the deadlock of the $12.02 and $13.20 price channels.
NEO/USD Price Statistics
- NEO/USD Price Now: $13.22
- NEO/USD Market Cap: $883,005,998
- NEO/USD Circulating Supply: 70,538,831 NEO
- NEO/USD Total Supply: 100,000,000
- NEO/USD CoinMarketCap Ranking: #58
Key Levels
- Resistance: $14.00, $15.00, and $16.00
- Support: $13.00, $12.00, and $11.00
Price Prediction for Neo: The Indicators’ Point of View- The Demand Level Is Increasing
The growing demand in the market is setting the market sailing toward the $13.30 resistance price level. This new resistance level formed when the strong selling pressure shifted the supply line slightly from the $13.35 to the $13.30 price level. Aggressive moves from both the demand side and the supply side tighten up the struggle and increase the possibility of continuation of the consolidation trend. However, with today’s bullish performance, the Bollinger Bands indicator is converging, which means, the bulls may have a chance to break out of the deadlock.
NEO/USD 4-Hour Chart Outlook:
From the standpoint of the 4-hour trading session, we noticed that a new resistance level is forming at the $12.72 price level. After the bullish price was rejected at the level, the next 4-hour trading session that followed portrayed high volatility as the pressure on the price from both sides is aggressive without much significant advancement of the market in the bearish direction. However, the bull market is likely to bounce back from the $12.5 price level.
