NEO price analysis: After breaching the interesting chart pattern, NEO appears to be sideways

• The NEO coin has breached the downwards parallel channel (white), and again bulls attempt to hold the coin’s price.
• For several days, NEO coin has been consolidating between the 20-day moving average and 50-MA.
• 0.000504 satoshis is the current price of the NEO/BTC pair.

When NEO holders failed to break through the vital resistance level of $30, the bears jumped. After achieving the ATH, the seller kept going to dump the currency price, causing it to lose 90% of its worth. Nonetheless, bears began to reverse selling pressure by displaying a rising channel (white channel), but sellers were even more active than buyers, pulling the NEO’s price to a one-year low of $16.21. 

Recently, bulls failed to hold the NEO coin price in the ascending channel. At the time of writing, the NEO coin is favoring the bulls by 5.03%, up at $22.36. NEO crypto has been consolidating in the short range for the past several days, and reflection continues 3-inside candles. The immediate support of NEO has a $20-psychological round level, and the resistance sits at $25 mark. 

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The coin has taken support of half-level of Bollinger bands indicator in terms of daily price chart and showing a bit of recovery. However, the NEO coin lost 16% trading volume over the past 24-hours trading session. And the volume to market capitalization ratio is 0.05285. 

Prices of NEO coins have stagnated between 20-MA and 50-MA

The NEO coin price with the Bitcoin pair has been continuing the downtrend in the red zone of the supertrend indicator over the daily price chart. However, the price action of the NEO/BTC pair is reflecting the double top formation near the 52-week low. At the time of writing, the NEO/BTC pair price is trading slightly positive by 0.80% at 0.000505 satoshis.

Today, Bulls are again trying to pump the NEO coin’s price into the upwards parallel channel. However, the daily RSI is at the 51-mark, after slipping from the overbought zone. Moreover, the average directional Index is moving downwards, indicating the weak bullish short-term momentum. 

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Conclusion 

It remains to see that bulls successfully close the daily price candle above the 50-day moving average. If bulls maintain the price above 50-MA, we could see a bullish move till $25 again. On the other hand, if bulls fail in this action, sellers may dominate the NEO’s trend.

Resistance level- $25 and $30

Support level- $16 and $10

Disclaimer 

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