Price Analysis

NEO Trades Bearishly; Looking for an Active Support at $8.38

NEO is trading downwards, just like any other altcoin in the crypto market. Within the past two days, the coin has experienced a fall from $8.9 to $8.6 trading price area. NEO, at the beginning of December, has fallen from the major resistance price area around $10.

NEO currently trades with utter selling pressure as the king of the cryptocurrencies—Bitcoin is also recording a declining channel. The 9-day MA is giving slight support at $8.59 to the current trading price of NEO against USD. The stability is such that many altcoins including NEO, are slowly plunging and narrowing the trading price range.

NEO Price News
NEO Price Chart By TradingView

As observed from the 6-month movement, the price of NEO coin has been on a continual downswing after it has hit $20.85. Thereafter, the coin drew a temporary height at $18.90 and a double top at $13.45—first in the month of October and then in November. However, if we look at the cumulative price trend, the NEO price has been plunging since the second week of November until the time of writing.

NEO Price Prediction

NEO Price Analysis

However, taking a closer look at the movement of NEO to USD on Bitfinex, we see that the currency has hit $8.38 from $13.45, recording a regression of over 37%. Also, as observed, NEO has been trading stably with major resistance at $9.57, followed by 200-day MA; similarly the major support lies at $8.38 and has an immediate company from 9-day MA at $8.59.

Technical Indicators

NEO News

The MACD of NEO coin is running below zero with a bearish meet as the signal line hits the MACD line to have a bearish crossover.

The RSI of the coin is at 41.53 and shows no extremities at present but holds an inclination towards the oversold region.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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