- Neo crypto price has declined by 15% in the last 5 days.
- The NEO price has failed to sustain the 52-week high and witnessed selling pressure.
On a wider time frame, the NEO price has been in a bullish trend but bears are dominating in the short term. The Neo (NEO) has failed to sustain the $18 mark and performed negatively. The price has slipped below the 20-Day exponential moving average and taking support on the $15 level.
Amid the negative momentum in the short term, the Neo price has formed a hammer candlestick on the $15 level. According to the chart, the Neo coin price has been rising through the trendline and has melted back to the trendline.
The current market price of NEO is $15.33 with an intraday loss of 0.83%. The market capitalization is $1.07 Billion and the 24-hour trading volume is $41.95 which has dropped by 25%. The circulating supply is 70,538,831 NEO and the total supply is 100,000,000 NEO.
According to the technical indicators, the NEO crypto price has slipped below the 20-Day EMA and heading for the 200-Day EMA indicating the selling pressure. RSI is at 46 and continuously declining from the overbought zone and heading toward the oversold zone showcasing the bearish momentum.
NEO Crypto Price vs Volume
According to the graph of price and volume, the trading volume has witnessed a drastic fall from $390 Million to $41 Million in the last ten days but the price has not declined a lot. In the last two days, the trading volume has decreased by 50% indicating the negative sentiment in the short term. According to our analysis, based on the change in trading volume, the Neo crypto price may perform negatively for the next few days.
Technical Analysis of Neo Price Over Daily Timeframe
On a daily time frame, the Neo coin price has been in a bullish trend and reached a 52-week high. The price has faced resistance from the $18 mark and was melted by approximately 20% in just a few hours. It attempted again but the price declined by 20% to the trendline.
The Neo crypto price has taken support on the trendline and heading for the 20-Day exponential moving average. Suppose the price rises and faces resistance from the 20-Day EMA then sellers may drag down the price below the trendline. If the price sustains below the trendline then investors may prefer to book profit which may result in a selling pressure.
On the other hand, if the NEO price manages to surpass the 20-Day exponential moving average and sustains, then investors may plan to buy the dip and if that happens, the price could mark a 52-week high.
Neo Crypto Price Has Triggered a Breakout From the Parallel Channel
Neo price has slipped below the parallel channel and retested in a 4-H time frame. The price has been forming lower lows and lower highs and according to the chart, it failed to sustain at the 200-Day exponential moving average.
Suppose the running candlestick closes below the 200-Day EMA then a short-term bearish momentum can be expected. According to the previous chart, the $14.50 hurdle is working as a supply zone. If the price slips below the $14 mark then selling pressure can be seen.
Alternatively, if the NEO crypto price bounces back and enters the parallel channel then sellers should be strong enough for the negative momentum. If the price surpasses the 20-Day exponential moving average and sustains then buyers may look for the resistance level of $18.
Conclusion
On a wider time frame, the NEO price has performed negatively but bulls have been dominated for the last few months and lifted the price to a new all-time high. The price faced resistance from the $18 mark and declined by 15% in a few days, highlighting short-term profit booking.
Technical Levels
Resistance Levels: $18.00 & $22.20
Support Levels: $15.00 & $13.00
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.