NEO Coin Price Prediction: Will the Bulls be Back in Action?

• The price has declined by 0.55% in the last 24 hours and is trading at $7.23.
• The NEO chart shows the bearish pressure over the price.

NEO is an open-source decentralized blockchain founded by Da HongFei and Erik Zhang in 2014. Its network runs on a proof of stake and decentralized Byzantine fault tolerant (dBFT) consensus mechanism. It can support up to 10,000 transactions per second.

NEO Coin Technical Analysis

The NEO coin is currently trading at $7.23 with a 24-hour trading volume of $18,279,373. The current market capitalization of the coin is  $508,832,347 with a circulating supply of 70,538,831 NEO coins. Additionally, the token has a maximum circulating supply of 100,000,000 NEO coins.

Technical Analysis on 1-Day Chart 

The wider outlook of the 1-day chart of the NEO coin shows that the price has been in a continuous downtrend while facing the resistance of a trendline. The price has recently been stuck in the narrow range between $6.83 and $7.54 after a decline of more than 19% in just three days.

$6.83 is acting as a strong support level and has stopped the price from falling further. While the $7.54 level is not letting the price rise. If the price breaks above the $7.54 resistance level, it can be seen rising to $8.57 by giving the breakout of the trendline. On the other hand, for NEO to continue its downtrend, it should close below the $6.83 support level after which it may fall to its next support level at $6.00. 

Technical Indicators On the Current Trend

Recently, the price has faced rejection from the 50-day EMA and it is also trading below the 100 and 200 EMAs. This indicates that the price is under the sellers’ control.

The relative strength index (RSI) line is below 50 and is sloping in the downward direction. This indicates that bears control the price right now and there is more room for them to make the price fall.

The long/short ratio of the NEO coin shows that short orders have been placed slightly more than long orders in the last 24 hours. The volume bar of the chart is also flat, showing no strong price movement in the past few days.

Conclusion

The overall price movement of the NEO coin is bearish. However, the $6.83 support is not letting the price fall and has made the price consolidate in a range between $7.54 and $6.83. If the price breaks above the $7.54 resistance level, it can be seen rising to $8.57. On the other hand, it will continue its downtrend. If its breaks below the $6.83 support after which it may fall to its next support at $6.00.

Technical levels

Resistance Levels: $7.54 and $8.57.

Support Levels: $6.83 and $6.00.

Disclaimer

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