NEO Price Analysis: Near The Crucial Level, Neo Investors are Stockpiling The Price

• NEO investors have been attempting to maintain the cryptocurrency price above the vital support level of $20.
• The NEO coin price has breached the 20 and 50-day moving average, and now the daily price is retesting the 100 MA line.
• The NEO/BTC pair price is trading in the bullish territory by 4.5% at 0.0005572 satoshis.

The bears surged as NEO coin investors failed to break over the critical resistance level of $30. After reaching the ATH, the seller continued to dump the currency price, leading it to lose 90% of its value. Despite this, bears began to counter selling pressure by exhibiting a rising channel (white channel), but sellers were more aggressive than buyers, driving the NEO price to a one-year low of $16.21.

The NEO coin price is retesting the crucial $25 resistance level multiple times. At the time of writing, the NEO Coin price is trading at $24.50, which is an increase of 6.20%. NEO coin price closes two months below crucial resistance of $25; this will be the most significant breakout for long-term investors. However, the coin has gained around 104% trading volume over the past 24-hours. The volume oscillator indicator is under the negative region and may breach the neutral level soon. Meanwhile, the volume to market capitalization ratio is 0.2263.

The NEO/BTC pair price is trading in the bullish territory by 4.5% at 0.0005572 satoshis, and the NEO/ETH pair price is 0.008322 ETH at the time of writing. Nevertheless, the NEO investors are well maintaining the crypto price above 20 and 50-day moving averages, and now the price is approaching 100-MA as a bullish hurdle. Furthermore, the 200-MA is far above the current price of NEO coin.

By the end of 2022, bulls expect a $50 level above $25

According to the super trend indicator, the NEO coin’s price has been maintaining above the green zone in the context of the daily price chart. 

The RSI saw above the half-line (50-mark), and it is moving towards the overbought zone in terms of the daily price chart. Moreover, the average directional index is falling gradually, suggesting the weak bullish momentum for the NEO coin.

Conclusion 

NEO investors are waiting for the candle to close above the crucial $25 resistance level. If bulls succeed in this act, we could see the $50 level by the end of 2022.

Resistance level- $25 and $30

Support level- $16 and $10

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.