Cryptocurrency markets are going down since early November, but crypto margin traders don’t stop making profits. Trading altcoins over the last 30 days have been very exciting. Today we take a closer look at NEOUSD, a cryptocurrency behind the Neo economy project, where digitized payments, identities, and assets come together.
The crypto has a relatively small market cap, so it is great for day trading, with huge price swings.
For the NEOUSD cryptocurrency pair, we observe a downward movement of the market and the formation of a bearish trend, which moves within a large downward channel of green color. The last leg, which began to be built after the rebound from the upper green wall, describes a descending channel of yellow color.
To confirm the downward trend, the bears need to continue trying to break through the lower green line (we see that in early December the price touched the lower green line). Therefore, we can expect a fall to the green line and the support level of 20.86. If the specified level is broken, the cryptocurrency pair may fall to the support level of 11.33, which is located on the lower yellow wall.
If we pay attention to the last section of the price movement, we can see that the bulls are persistently trying to overcome the bears, and there is a chance that they will succeed. In this case, the price will start to rise in the direction of the upper yellow line. On the bulls’ way, we see a resistance level of 29.37. With a successful break of this level, there will be no obstacles to continue bullish growth in the direction of the next resistance level of 44.75, which is located on the upper line of the green channel.
Let’s continue to monitor the cryptocurrency market and see what scenario the NEOUSD pair will choose.