- NEO token price falls below the long-coming support trendline projecting a rise in underlying bearishness.
- The price rests near the 50 and 200-day EMA that struggles to push the price higher.
- The NEO/BTC pair rose 1.20% in the past 24 hours as it trades at 0.001105 BTC.
NEO Token price falls to the depths of $50 due to the increasing bearish pressure driving the price lower below the long coming support trendline. Moreover, the price may soon reach above the $40 mark.
As per the price action, any bullish movement may find opposition near the $55 and the $60 mark. However, upon rejection from the $50 mark, Bears may drive the price down to the $40 mark.
Presently, the NEO token trades at $50.74 with a gain of 1.59% in the market cap in the past 24 hours. Furthermore, the intraday trading volume of the coin has fallen 15%, projecting a rest among investors before a sharp move.
NEO Token Price Shows A Death Cross In The 4-hour Chart.
In the 4-hour technical chart of the NEO Token, the price is close to the support level of $45. Moreover, the coin price seems to rise higher as retesting the bearish breakdown that may soon drive the price lower to the $40 mark.
The coin price moves below all the crucial EMAs while a death cross seems inevitable in the 4-hour chart.
The ADX indicates a rise in the trend momentum as the prices breach below the support trendline projecting a growing bearish momentum.
The RSI indicator goes hand in hand with the rise in bearish pressure indicating growth in underlying bearishness as the slope of RSI dips suddenly with the price fall.
Conclusion – According to the Technical Analysis of NEO Token, the coin price indicates growth in bearish momentum, and bulls try their best to hold above the level of $50.
Support– $45 and $40
Resistance – $55 and $60