Neo Price Analysis : NEO Bears Taking Over The Control

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Ayush Malviyahttps://www.thecoinrepublic.com/
Ayush Malviya has recently joined as a technical market reporter for Thecoinrepublic- the Leading cryptocurrency news site. He believes that there is a broad scope in Crypto market and blockchain. Thats why he loves to gather knowledge about it and like to analyse the market pattern.
  • NEO prices are reflecting bearish dominance, rings bell for further downfall in the prices of the altcoin.
  • However, the NEO/BTC pair is performing positively with the gain of 1.59% bringing the level to 0.00102077.
  • Prices fall below the crucial level of $6.00, and there are no signs of any stoppage.

The bulls have a strong support of $5.50, which will be soon tested to its core. There might be chances that this support level can be the key figure to stop this major fall in the prices. If this support level won’t be able to hold the prices, there will be heavy bearish dominance

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The prices managed to climb back and did made a recovery but today’s price fall was so serious that prices are again to the initial spot from where they started their climb. Global market factors are not in NEO‘s favor.

The market capitalization of NEO is $418,900,605 USD with volume traded of $452,488,788 USD and a circulating supply of 70,538,831 NEO.

Neo Price Analysis

NEO
Source:tradingview

The technical chart indicates that finally, bears are taking back the market from the bulls, the chart also indicates that current stats can be an indication for the further downfall.

NEO prices are again falling to the bearish zone as they are trying their best to stop themselves from falling below the price level of $5.50.

MACD level indicates that there is an increase in the selling volume of NEO which is a negative sign for the altcoin. As there is a significant rise in the selling volume, prices are prone to fall again.

24hr-RSI fall down to the bearish zone from the top of the buying level, currently, it is trading between levels of 50 and 40.

The 24hr-CCI is barely maintaining itself in the normal region but due to the current factors, it will fall down shortly.

Resistance Level: $ 6.20
Support Level: $ 5.50

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