Top 5 Cryptocurrencies to Watch This Week: BTC, NEO, TRX, XTZ, VET

Published on by Cointele | Published on

A relief rally from the current levels is likely to face resistance at the 50-day simple moving average.

04 level, the bulls will try to push the price above the downtrend line of the channel.

52.NEO/USDThe rebound off the critical $9.21399 support could not even touch the 20-day EMA, which shows that the bulls are not in a hurry to buy NEO at higher levels as they are not confident that a bottom is in place.

The 20-day EMA is sloping down and the RSI is close to the 40 level, suggesting that bears have the upper hand.

This is a critical level to watch out for because the bulls will try to defend it while the bears will want to break below it to start the downtrend.

If the price turns down from the current levels and breaks below the moving averages, it will signal weakness.

The bulls could not even carry the price to the 20-day EMA, which shows a lack of demand at higher levels.

A close below the support will complete a double top pattern, which has a target objective of $1.2945.The 20-day EMA is sloping down and the RSI is close to the oversold zone, which indicates that bears have the upper hand.

The pullback is likely to find buyers at $0.01256 and below that at $0.011519, which are 50% and 61.8% Fibonacci retracement levels of the most recent leg of the up move.

The bullish view will be invalidated if the bears sink the price below the breakout level of $0.011.VET/USD 4-hour chart.

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