- Neo price is currently trading at $10.72 with a decrease of -1.478% during the intraday session.
- The 24 hour trading volume is down by 25.05%.
Neo price is currently in a bearish momentum after breaking the consolidation zone ranging between $11.60 and $13.35. Recently Neo price gave a fakeout breaking the consolidation zone in upward direction but the price did not sustain and which triggered bearish momentum pushing price down.
The price is currently trading below 20,50 and 100-day EMA indicating strong bearish momentum in the market. NEO price is headed toward the immediate support of $10.40 and if this support breaks $9.50 might be the next target for NEO. The communist party of china has always despised the cryptocurrency and the government has ordered a crackdown for the cryptocurrency nationwide.
The neo has been resilient in the face of chinese government crackdown. Neo blockchain has managed to retain its market performance despite the brutal crackdown by the government. All kinds of crypto transactions and crypto services are banned in china. Major move by NEO in recent times is adoption of chinese blockchain based services network(BSN), which is a network for creating and managing blockchain technology within china. As China aims to adopt blockchain technology without giving cryptocurrency space to operate.
NEO technical analysis:
RSI trades at 38.53 indicating bearish momentum and will soon reach the oversold zone if the bearish momentum prevails. Neo price has reached the lower band of bollinger and traders might see a pullback to $11.60 level which is support turned resistance for the price. 3 month, 6 month and year to date returns of NEO are still in the green zone indicating positive sentiment still inhabiting the market and this move can be considered as a pullback for the price to move further upwards.
-Di is above the +DI, with an ADX 18.37 which declined from 30 levels suggesting a decline in bearish strength. The longs/shorts ratio is 0.82 with 44.96% longs and 55.04% shorts indicating bearish pressure in the market.
Conclusion:
The market structure and price for NEO is highly bearish but is declining as price reaches the demand zone. The next target for price if bearish momentum prevails is $9.50. Neo price needs to form a support in order stop this meltdown and again enter the consolidation for reaching $14.70 highs. The technical parameters show decline in bearish pressure and possibility of consolidation in this region. The fakeout of NEO has been a major reversal for the price as before there was a bullish trend in the market and price was headed towards three months highs of $15.80.
The upcoming years, if chinese government removes the ban of cryptocurrency from China, Neo might show its real potential and provide much better returns to the investors.
Technical levels:
Major support: $10.40 and $9.50.
Major resistance: $11.60 and $13.35.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.