NEO/USD Forecast: Neo Tests the $20 Level
Date
4/19/2022 2:33:01 PM
(MENAFN- Daily Forex) Neo has gone back and forth during the trading session on Monday as the $20 level continues to be important. The $20 level will continue to be a large, round, psychologically significant figure that a lot of people will be paying attention to, and also it is worth noting that there is a lot of support just below there as well. As you can see from the previous action, there has been a lot of buying pressure underneath the $20 level that has kept this market somewhat afloat. The market will continue to pay close attention to that range, and if we break down below the $17.50 level, then it is possible that Neo goes looking to reach the $15 level.
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The 50 Day EMA currently sits at the $23.25 level and is drifting lower. The 50 Day EMA is an indicator that a lot of people will pay close attention to, and if we were to break above there it is likely that Neo would recover just a bit further. After that, the market then goes looking to reach the $25 level, perhaps even the $29 level after that.
Keep in mind that Neo needs a little bit of help from the major coins in order to have people look for reasons to get involved here. Neo is essentially far out on the risk spectrum of a market that is pretty far out on the risk spectrum. If Bitcoin were to suddenly rise, then it is very likely that Neo could get a little bit of a boost. The market continues to see a lot of noisy behavior in this general vicinity, so I think the next impulsive candlestick will be crucial.
The other part of the equation of course is a US dollar, and if it starts to strengthen quite drastically, it could have a negative effect on the Neo market. Overall, this is a market that I think continues to see a lot of noisy behavior, and therefore you have to keep that in mind. I would not go“all in” right away, but you could start to build a small position if you get a little bit of clarity in this market. The market is more likely than not going to have to make a bigger decision sooner or later, but until then, you simply wait for the market tell you which way it is going to go.
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