Like most cryptocurrencies, NEO has seen a huge decline lately and has returned to its support zone after hitting its high of $ 146.83. The coin has been in a downtrend since May, and although it rose to $ 68.06 in early September, it has failed to climb any further.
The NEO-Coin has moved sideways steadily over the past three months; however, it has recently crossed the support line and has continued to decline for a stretch with the formation of bearish candles. If the price continues to fall after breaking the recent low of $ 22.93, it can hit a reserve price level of $ 12.64.
In the daily chart, the MACD line below the signal line, together with the red candles in the histogram chart, indicate a sell signal. The neo-coin price has already dropped from $ 43 to $ 26 when the MACD shows a downward sign. The RSI is already in its oversold zone at ten and is at its lows. There has been immense volume of sales suggesting the bears are favoring the downward movement in coin price and they could push NEO price to its low of $ 12.
In the weekly chart, the coin is moving in a downward pattern and is heading towards its lowest price level. The last three bearish candles to form are in a downward pattern with lower highs and lower lows. Over the past four weeks, the price has fallen massively from its high of $ 54 to its most recent price of $ 26.
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