NEO has lagged its bearish momentum in the support zone with a high risk opportunity for the bulls!

The neo coin is currently in a similar location from which it began to rise, peaking at $ 146.83 in mid-May 2021. The coin has been moving in a downtrend pattern for the past few months and has fallen significantly over the past 7 months. The coin is moving with consolidated momentum with slight price action from the last week with an impartial signal of future price flow.

The MACD line and the signal line intersect with green histogram candles on the daily chart. The MACD can give a strict buy-signal in a day or two when the MACD line crosses the signal line. The volume candles can show isolated movements in favor of bulls or bears. The RSI at 40 is currently neutral, but if it returns from the oversold area it could move into the overbought area.

The weekly chart shows that the price is being tested at the support line, has failed to descend and has broken the support line of the last 3 weeks. This price move is an opportunity for the bulls.

Bull investors are willing to take high risk for high returns as there has been a continual formation of bearish candles which dragged the price down tremendously in 4 to 5 weeks. Still, this has not been able to break below support and close.

If price crosses the support line and closes below it, expect the coin to decline to a minimum level of $ 14.14. However, if the coin moves up and down from the current point, it could hit the edges of the downtrend line that will continue from September.

Neocoin could hit its recent highs if it continues to rise and close above the downtrend line.