NEO Price at Make or Break Zone: Could It Retain $20 Mark Ahead?

• 1 NEO price has breached the downward trendline mark and stays near the 100-day EMA mark.
• 2 This week, the token price depicts range-bound price movements.

The NEO price stayed near the 100-day EMA mark and slipped below the lower trendline, supporting the $17 mark.

The token traded in a downtrend for weeks, revealing a follow-on selloff. Sellers are eyeing to breach the 200-day EMA mark and looking for a significant fall ahead.

A break and close above the $17 mark would validate the possible up move and might stretch the gains ahead.

At press time, the NEO token price traded at $15.36 with an intraday gain of 1.01%, reflecting neutrality on the charts. It has a monthly return ratio of -15.30% and 55.30% yearly.

The pair of NEO/BTC is at 0.000221 BTC, and the market cap is $1.08 Billion. Analysts are neutral and suggest that the NEO token price may replicate a volatile trend and will retest the $10 mark ahead.

NEO Price Action and Projections

The daily charts of the NEO token reveal a head and shoulders pattern and demonstrate seller dominance on the charts.

The token has revealed a consistent down move, dropping over 20% last month. Meanwhile, the token reached the 200-day EMA mark, which is the make-or-break zone for the bulls.

Source: Santiment

The token depicts a drop in the trading volume over 49.28% to $40.09 million and has a total supply of 100 million. However, the token has a volume-to-market cap ratio of 0.0369.

The Momentum indicator (RSI) curve reveals a negative divergence and hovers near the midline region.

Moreover, the MACD indicator showed red bars on the histogram, revealing a bearish crossover on the charts.

Price Volatility and Weighted Sentiment Data Remained Flat

Amidst the notable price spike of over 1.20%, the price volatility remained flat and signifies low selloff volume.

Source: Santiment

The Weighted sentiment data articulates flat moves, noting around -0.27, revealing a negative outlook.

Futures OI Data Outlook

This week, amidst the decent price up move, the derivative data signifies fresh long additions and displays long buildup activity.

Source: coinglass

The Open interest spiked over 6.23% to $27.90 million in the last 24 hrs, revealing the possible up move in the upcoming sessions.

Analysts guided a possible buying opportunity, as the token trades inside a falling wedge pattern and might attain buying momentum ahead.

Source: Twitter

Conclusion

The NEO token price hovers near the 200-day EMA mark and might showcase up move ahead. If the token succeeds in holding the $15 mark, it may rebound back to the upside zone of $20 soon.