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.
In the next coming trading days, we can expect the price to fall to the green line and the support level of 20.73. If this level is broken, the cryptocurrency pair may fall to the support level of 16.51, which is located on the lower yellow wall.
Alternatively, an upward movement of the market is expected, that is, the lower green line will not be broken. The price will either not reach it, or it will push off and go up. On the way to the bulls, we see a resistance level of 24.72. With a successful breakdown of this level, there will be no obstacles to the continuation of bullish growth in the direction of the next resistance level of 28.80, which is located on the upper line of the green channel.
When confirming the bearish movement of the market, it is worth considering opening sales deals. If the market chooses the second scenario, and the cryptocurrency pair goes up, then it is recommended to consider opening deals for purchases.
We will continue to observe the cryptocurrency further.
