- Buyers might soon stop supporting the NEO Prices.
- NEO taking severe resistance from the 200 EMA
- The live Neo price today was $8.73 with a change in 24-hour trading volume of 138.06%
NEO’s Price traded under a severe downturn for quite a while. However, since the beginning of January, NEO has rallied 55 %. The overall market sentiments have been bullish. The buyers seem enthusiastic regarding NEO’s upcoming bull trend. Although NEO’s recent price action seems to contradict the market sentiments.
NEO taking a rejection
Recently, NEO made an extremely bullish rally of 55% but now it seems as if it might soon take a correction of 11% within a couple of weeks. As of now, NEO is taking rejection from the level of $9.19 and it might soon go down to its recent support of $8.25, and if it does not find support on that level the next support it might get is around the level of $ 7.70.
Technical analysis
Recently, NEO did give us a positive crossover, although it seems like the price is taking severe resistance from the 200 EMA and it might face some difficulties crossing it. The most probable scenario here is price may take rejection as it is a very critical resistance, mostly hard to intercept.
The stochastic RSI is currently trending in the overbought zone. It suggests that prices may witness a reversal and change the trend. The RSI oscillator is also supporting the stochastic RSI which is a rare occurrence and also a strong indicator of trend reversal. IT is also currently trending in the overbought zone suggesting that it might too soon make a reversal.
Longer perspective for NEO
If we look on to the longer perspective then NEO prices seem to be in the initial phase of trend reversal and if NEO bulls succeeded to break out of the 200 day EMA then investors may see a turnaround and prices might rally towards $13.00 in the short span of time.
Conclusion-
As analyzed in the above chart, after a strong bullish rally NEO’s Price is ready for a correction while the market sentiments are bullish regarding this token. The price action is showing some bearish signals while the other indicators also seem to share the sentiment.
Technical levels:
Resistance level – $ 9.19
Support level- $ 7.70
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/18/neo-price-analysis-neo-bears-overtaking-the-bullish-rally/