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NEO price analysis: NEO approaches psychological round level, buy or deny?

Analytics

www.thecoinrepublic.com 08 July 2022 12:30, UTC
  
Reading time: ~2 m

  • The NEO token is recovering on its own after a dramatic drop.
  • NEO coin broke the 20-day moving average along with a bearish trend line in an intraday trading session.
  • The on-balance volume indicator moves above the uptrend trendline despite a decrease in volume.

NEO coin follows a downtrend since its 52-week high at $141 mark. Later to this, investors have lost nearly 94% of costs from the recent 2022 low of $7.97. Meanwhile, buyers are attempting to reverse the ongoing trend of the altcoin and it seems they do not want to see further bloodshed.

Although the price behavior of NEO token turns low since its 52-week high and bears follow sell-off on the rise technique. This was a huge drop in the price of NEO and many short-term buyers are crying after investing in it. Therefore, buyers often receive rejection for managing the stability of a given coin.

Source: NEO/USDT by Tradingview 

Buyers hedged themselves against further bloodshed above 52-week low of $7.97. But the price is still breaking the previous swing low of $10, which is also a conceptual resistance level. Thus, as of press time, the NEO coin is trading at $9.10 against the USDT pair.

Last night, the altcoin price broke the downsloping trendline (yellow) but again faced a pullback for the bulls in the intraday trading session. Despite the retracement phase, the 20-day moving average is below the current price of the NEO crypto.

Bulls manage to take NEO cost above the 20 DMA during the daily price window. Therefore, the market cap is up 5.7% to $641 million as per CMC’s data for the last 24 hours. Besides, the pair price is slightly positive at 0.0004237 satoshis.

How to trade near the $10 red zone of volatility?

Source: NEO/USDT by Tradingview 

In terms of trading volume, volatility looks low nowadays, but the On Balance Volume Indicator (OBV) appears above the upward trendline (above the chart) despite decreasing trading volume. Nevertheless, the RSI continues to decline near its half-line (50 points) since the beginning of April.

Conclusion

NEO coin is reaching a psychological level amid an uptrend. The bulls need to manage the price of the altcoin above the 20-day SMA. Buyers may see another downfall below the support zone.

Resistance level– $10 and $20

Support level- $8.0 and $5.0

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.


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