The Neo coin is not at all an exception when it comes to the current woe which the market is experiencing. The absolute chaos in the crypto space is affecting all the traders right now as they now see the scenario with a bit of scepticism.
Cryptocurrencies anyway hold a bit uncertainty within them as compared to other traditional investment assets. The current situation of the global economy is worsening its state of stability as the foremost crypto coin, BTC, is also not being able to sustain a reliable price recovery after it bottomed below $4000.
NEO Price Analysis
Today, when BTC has again tested support levels below $6000, the NEO price has traced a dip below $6.2. However, the previous week was started on a bullish note as it reached above $7 and had an opening price of $5.9. The coin was stable above $6.8 for a couple of days before it hit the weekly high at $7.12.
Here, it was an escalation of more than 20%, and from here, it started a downtrend. Initially, the coin took a sharp nosedive below $6.3 and then attempted a weak recovery, which couldn’t last. The recent plunge took place yesterday when it approached the $6.1 price level.
Today, the NEO price has started a recovery from there, although the coin may soon face resistance at the 200-day moving average. The coin has just formed a few candles above the 200-day EMA line, and it is to be seen whether any bullish crossover takes place. Here, the short-term SMA line is below the longer one noting a bearish sign while RSI and MACD are giving extremely bullish signals.