Crypto Currency News

Trending News

Bitcoin
$70,625.95
+507.6
Ethereum
$3,583.96
+1.51
Litecoin
$95.50
-0.85
DigitalCash
$38.55
+0.61
Monero
$137.79
+0.93
Nxt
$0.00
0
Ethereum Classic
$32.24
+0.59
Dogecoin
$0.20
+0.02

Neo price analysis: NEO coin, is price going to break through the $20 mark?

  • NEO coin again dominated by the sellers for 3 days after retesting the $25-mark as a bullish hurdle.
  • The neo coin price is below the significant moving averages such as 50,100 and 200 MAs in the daily price chart despite the bulls maintaining a current price above 20-MA (white).
  • NEO/BTC pair price is bearish by 2.4% at 0.000511 satoshis.

The bears grabbed the opportunity when NEO holders failed to break over the critical resistance level of $30. After reaching the ATH level, the seller continued to sell quickly, causing the currency to lose 90% of its value. Nevertheless, bears attempted to overcome short-selling by showing a rising channel (white channel), but sellers were more active than holding and effectively dragged the NEO’s price to a one-year low of $16.21. The price behavior of neo coin has been flashing the ascending channel from the previous lower level, and the present price is testing the lower verge.

Several days ago, the Neo currency price fell from the important $25 resistance level. At the time of writing, the neo coin price is down 3.06 percent to $21.56, approaching the psychological mark of $20. Trading volume has fallen just below the decreasing moving line and has decreased by 19% in the last 24 hours. Likewise, if a cryptot is to break out of a downtrend, investors must stay above the lower level of the falling channel. In addition, the volume-to-market capitalization ratio is 0.1043.

Bears will act aggressively if the NEO coin price falls below channel

The NEO coin’s price with the Bitcoin pair has fallen by 2.4%, and it is currently worth 0.000511 satoshis. The bitcoin pair, like the NEO/USDT pair, created a 1-year bottom around 0.000476 satoshis, which seems to be a critical support level for investors. Bulls attempted to reach into a box pattern once, but the pair price fell below the next channel. The pair price is barely above the 20-MA, and the remaining moving averages are above it.

The immediate resistance is $25 and the support sits at $16 for the short-term view. RSI breached the upwards trendline as well as half-line (50-mark). An average directional index is at 23, showing weak bullish momentum.

Conclusion

If bulls fail to sustain the NEO coin price into the upwards channel, the coin price may reach $16-support again. On the other hand if price recovered then again bulls will dominate the trend.

Resistance level- $25 and $30

Support level- $16 and $10

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Comments are closed.