- NEO token price is currently trading near the supply zone, after bouncing off the demand zone.
- The NEO token price is forming a rounding bottom pattern on a daily time frame.
- The pair of NEO/BTC is trading at the price of 0.000472 with an increase of 0.71% In the past 24 hours.
The NEO token price is trading at the supply zone, as per the price action. As of now, the token price has faced rejection from the supply zone but has started consolidation at the supply zone. The token price has started forming higher high and higher low formation on a daily time frame. The token price is forming indecisive candlestick patterns at the supply zone. The token price has crossed the 50 Moving Average and 14 SMA, and going forward the token price can take support at the MAs. The NEO token price is yet to give a breakout of the 100 MA and therefore investors should remain cautious because moving upwards the neo token price can face rejection of it. The NEO token price is trading at the middle of the Bollinger band indicator after a rejection of the upper band. The Bollinger band indicator range has become narrow suggesting a massive move in the upcoming days. Volumes have increased causing the volatility to increase. Therefore investors should wait for a clear trend and then act accordingly.
The NEO token price is forming a flag and pole pattern on a 4-hour time frame
Average Directional Movement Index: ADX curve has been dipping on a higher time frame as the token continues to fall. In a 4-hour time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the token price rests at the demand zone on a smaller time frame. It is a positive sign. Investors should wait for a positive candle formation at the demand zone.
Supertrend: Supertrend indicator is positive as the token price broke the important small-term supply zone on the daily timeframe. Since then the token price has failed to give a breakout of the supply zone in a larger time frame. As of now, the token price has broken the super trend sell line which has triggered a buy line.
Moving Average Convergence Divergence: MACD indicator is also a position as it has raced through every small term resistance. The NEO token price is forming a bullish flag and pole pattern in a 4-hour time, as the same is depicted as the MACD lines touched and bounced off. Once the token price breaks out of the flag and pole pattern, the MACD lines can be seen widening supporting the trend.
CONCLUSION: The NEO token price is bullish and the same is depicted by the technical parameters. As of now, the NEO token price is yet to break out of the rounding bottom pattern In a daily time frame. Therefore the investors should wait for a breakout and then act accordingly.
SUPPORT: $10 and $10.20
RESISTANCE: $12 and $12.60