thecoinrepublic.com
- 1 NEO price has retested the 100-day EMA mark and is anticipating a pullback ahead.
- 2 Buyers need help to hold gains and attempt a pullback.
The NEO price has regressed to the significant trendline support mark of $15 and is trading near the 100-day EMA mark. The trend is bullish, and the token has delivered higher swings.
For weeks, the NEO price was in a range and displayed a range breakout above the neckline hurdle of $15, reaching the top of $23. Afterward, profit booking was triggered, and the token has retraced 25% of gains in the past two weeks.
At press time, the NEO crypto (NEO) price traded at $15.64 with an intraday drop of 11.20%, reflecting neutrality on the charts. It has a monthly return ratio of -5.20% and 52.10% yearly.
The pair of NEO/BTC is at 0.000272 BTC, and the market cap is $1.10 Billion. Analysts are neutral and suggest that the NEO crypto may pick strength and will retain the upside of $20 soon.
NEO Price Volume Profile Analysis On Daily Chart
On the daily charts, the NEO price to volume profile signifies selling pressure and a sudden selloff led to a breach of the 50-day EMA mark.
However, the token has taken support on the 100-day EMA mark and retested the breakout region of $15. Following the negative market sentiments, a short-term correction is anticipated.
Price Volatility and Weighted Sentiment Outlook
Amidst the price consolidation, the price volatility curve sharply spiked over 35% to the 0.041 mark, and notable selling volume was displayed on the charts.
The weighted sentiment looks neutral, and the value stood close to the midline, around -0.443, signifying a short-term negative outlook among the investors. The intraday trading volume dragged over 8.35% to $162.80 million.
Per the analysis done on 26 technical indicators, 14 indicators signal a sell outlook, 9 give a neutral call, whereas only 3 indicate a buy call.
What Does Development Activity and Derivative Data Indicate?
Per the Santiment data, the development activity data highlights neutral data, and the value remained close to the midline region, around 29.02.
The derivative data delivers the long unwinding data, which led to a price drop of over 11% in the intraday session. The open interest dropped over 3.2% to $33.99 million, signifying a short-term volatile outlook.
Per the Fib levels, the NEO price trades near the 38.2% support zone, whereas the RSI curve dragged below the midline region, and a negative crossover was noted on the charts.
The total supply of the NEO crypto is 100 Million, whereas the volume-to-market cap ratio is 0.144, ranked 78 in the global crypto market cap.
Summary
The NEO crypto price signifies a sudden selloff and has breached the 20-day and 50-day EMA mark. Moreover, the token has retested the breakout region of $15 and is looking for a bounce ahead.
Technical Levels
Support Levels: $15.10 and $14.70
Resistance Levels: $16 and $16.30
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.