NEO, one of the many gainers of the global crypto market, is an Open Network for the Smart Economy and, in this regard, holds a notable position amongst the top 25 cryptos. In the 2nd quarter, when NEO/USD hit a YTD high close to $26 while currently, it faced a stringent resistance at $22 and failed to rise further.
Like any other altcoin of the market, NEO price corrected below $20 and is currently trading at $16.75 with a clear loss of over 15% in 3 days from the recent high hit 2 Dollars above $20. However, the NEO coin started having a volatile movement since September, after which it pulled back to a 3-month low at $13.49, followed by a lower high. NEO strengthened by approximately 64% in less than 20 days from the 3-month low to $22.
NEO Price Analysis
Today, Neo coin was seen trading around $16.75 after having slid steeply from $22. It is right now when the coin is testing MA50 support around the current trading price, and if it declines any further, it is likely to lose the given support. However, NEO is holding support from 200-day MA support on the daily chart at $14.7.
In this regard, if the coin nosedives below $15, it is likely to lose support from 200-day daily MA support as well. The MACD indicator is expected to show a bearish divergence, and the RSI is seen lying at 49.05 and holds no extremities on the given chart.