- NEO, at the time of writing the analysis was seen correcting downwards after hitting above $14.3 in the past trading week
- NEO/USD hits the lower 20-day Bollinger Band as it slides downwards gaining immediate support from the 10-day daily MA
- The coin appears bearish due to intraday pull back and is likely to form the lower leg of the rising wedge
NEO price slides from the 90-day high price as it currently trades at $13.18. The altcoin market was seen nosediving after Bitcoin price corrected below $10,000, yesterday and has been testing supports around $9,700 at present.
NEO Price Analysis
Analyzing the 10-day movement of NEO/USD on Bitfinex, we clearly see the intraday dip from hitting a high at $14.3. As the current price trend appears to be forming the last leg of the rising wedge, we believe that the currency will test supports even lower until the market is pumped with a definite momentum once again.
The 20-day Bollinger Bands assign appear less volatile as there happens to be a moderate width, but NEO loses the medium-term support as the price slides to $13.18. However, the current green candlestick that is seen rising through is approaching towards the support at the 10-day daily moving average.
If the coin fails to rise, should we really believe it to be an end of the NEO price rally that was instigated in the past week?
Having asked the above question, the other technical indicators confirm about the short-term risk involved as the MACD of NEO is withholding a “death crossover” as the signal line cuts the MACD line from below.
The RSI of the coin is at 43.57 and is seen rising away from the extreme support at 30, due to the immediate green candlestick gaining support from 10-day MA.