Neo Price Analysis: NEO is hovering near the strong support of $9.00

• NEO token shows cautious moves near the support zones of $9.00
• Bulls are looking to put in effort but need to do so.

NEO token shows hawkish moves and hovers near the support marks, and the token is price. Bulls are now losing the gains amid the bullish charts. The token showed a fall with a continuous slope and a loss in momentum with a breakdown of multiple supports in recent sessions, slipping the gains. 

NEO token shows a small candle in the current session which indicates that bulls now look trapped, but the token is now at a make-or-break level, where a pullback was noticed. 

NEO token has a trajectory of $10 to be sustained, but slipping below it caused a trap for bulls who made longs in the last weeks. 

In the last sessions, NEO struggled near the demand area of $8.00,  where the token hovered but sustained, and buyers led the strength to attain the support ranges. Moreover, the implied volatility caused the drag in the last sessions. The fallback of the token and the downtrend put buyers in a suspicious state.

When writing, the NEO token is trading at $9.19 with a down move of 1.05% showing bear strength. Moreover, the trading volume showing a surge of 4.50 % shows investors activity. However, the chart shows a negative outlook because of the hawkish selling pressure in the recent sessions. The sellers are attaining traction along with making short positions.

Daily Charts Formation of NEO

The NEO token shows a make-or-break move based on price action on the daily charts. The recent bearish candles show the selling pressure in token, conveying the downtrend of the NEO token. The token is at an immediate support mark of $8.70. It is now trading below the significant moving averages.

As per the Fib levels, the NEO token is below the neutral marks and showed a gradual decline. The price is on the verge of the lower Bollinger band showing uncertain cues.

What Traditional Indicators Say?

On the 4-hour charts, the NEO token is below the levels of calmness. The token is on the verge of the support mark of $9.00. Below that, sellers persist in dragging the price below the secondary support towards $8.00, which was the demand area. 

The RSI is taking a deep breath near 50 but showing a negative crossover. Also, a divergence was noted, which stretches the price towards the immediate resistance of $9.40, if bulls succeed in bouncing.

The MACD curve shows green bars on the histogram, but bullishness is now near its end because of the sellers attention towards the downtrend.

Conclusion:

NEO token is at a make-or-break level and on the verge of the support mark of $9.00, which buyers are trying to hold out from there and trying to accumulate the gains 

Technical Levels:

Support Levels: $8.80

Resistance Level: $9.40 and $10.00

Disclaimer

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