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- NEO is on the downtrend after making a fail attempt to cross $17 a few days back.
- Currently, it is facing an overall loss of -3.09% with the current price of $11.22.
- It is expected that the downfall may extend to the major support level of $10 which may provide bullish momentum.
NEO was having a significant bullish momentum since the starting of the year. However, the sharp rising rallies have forced it to face major pricing corrections. In a fail attempt to cross the major resistance level of $17, it is facing major pricing corrections currently.
The altcoin is again back to the level of $11.00 and it is expected that the downfall may continue to the extent of $10.50 as it is a crucial support level for NEO. The bitcoin neo price has been on a 1.60% increase with the current price being 0.001271 BTC.
Since the starting of this month, the altcoin was facing pricing consolidation between the price range of $13 to $14.50. However, the negative downtrend forced it to break. The past two days also hasn’t been positive for NEO as it has gone below $13 and $12 level simultaneously.
However, at the same time, NEO is possessing strong positive fundamentals and technical aspects too. The community is preparing for the launch of NEO 3.0 which is expected to be released in the second quarter of 2020. The updates will allow the implementation of large scale applications for commercial purposes.
China’s interest in blockchain technology has been rising with the span of time as the Chinese President himself urger to support blockchain technology for the official level. This can be a very promising turn of events as NEO ranks 6th in the ranking list prepared by the Chinese government for the crypto coins.
The technical indicators and oscillators also suggest that the downfall may extend to the level of $10.50 in upcoming days.
The graph reflects on the ongoing downtrend of the altcoin. RSI is in oversold territory but making attempts to reach a level of 40.
CCI has been managed to be in the positive zone after spending quite some time in the oversold territory. MACD levels indicate bearish momentum for the altcoin in upcoming days.
It can be said that the $10 mark is sure to reach in upcoming days for NEO but the interesting aspect will be to watch its movement after that.
Resistance levels: $16, $17 and $18
Support levels: $11, $10 and $9
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
