- NEO Token price action forms a symmetrical triangle pattern in the daily chart.
- The recent rise in selling pressure indicates the possibility of a bearish breakout.
- The pair of NEO/BTC is trading at 0.000685 BTC with an intraday move of -0.13%
NEO Token price resonates within a symmetrical triangle in the daily chart. However, the recent formation of bearish engulfing candlestick within the pattern reflects the growth in selling pressure.
Pivot point analysis has shown that the resistance levels of the token are at $47 following $60. In the unlikely case of a bearish reversal, if the price drops below $35, sellers could find support at $27.
NEO Token trades for $42.16 and has experienced a 0.09% rise in market capitalization within 24 hours. However, the intraday trading volume decreased by 13% over the last day.
NEO Token Price Ready For A Triangle Breakout.
After the recent bearish candlestick within the pattern, the NEO token price retraces within the triangle. However, the lack of volume support indicates a bearish fallout possibility.
The NEO token price shows a bearish trend, with its price trading below all the crucial EMAs 20, 50, 100, and 200. Furthermore, the price action indicates a rise in the number of sellers driving the price higher.
The RSI indicator predicts a rise of the underlying bearishness in NEO token price as the slope spikes lower towards the oversold zone in the daily chart.
MACD indicators display the MACD, and signal lines head lower into the daily chart. The MACD indicator indicates a sell signal.
The Stochastic RSI generates a bullish crossover in the daily chart. As a result, the indicator gives a buy signal.
Conclusion: NEO Token Price analysis indicates an increase in the underlying bearish power evident by the recent bearish candlestick in the daily chart. Investors can therefore expect the token price soon to touch $0.60 if the buying pressure breaks above the $0.40 mark.
Support – $0.30 or $0.27
Resistance – $0.42 and $0.57