Neo (NEO) Prices Broke Down The Vital Support Level Due To Bearish Breakout

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 heavy bearish momentum, showing signs for further downfall in the prices of the cryptocurrency as NEO is failing to put a halt again the fall.
  • The NEO/BTC pair is performing negatively with the loss of -0.35% bringing the level to 0.00105502.

Till now the bulls had the strong support of $7.20, which was tested to its core. After trading with lots of variations near this support level, prices made this level prone to collapse.

NEO prices acquired heavy negative momentum after acquiring some gradual rise only to fall again, this pump and dump pattern repeated itself many times till the price level collapsed.

The prices managed to climb thrice but above there is a heavy resistance level present at the zone of $7.40 which pushed prices downward many times. Prices did acquire a negative momentum and did break the support level prices might lose the level of $7.00 as they are about to fall in the zone of $6.00

The market capitalization of NEO is USD 501,711,422 with volume traded of USD 401,283,158 and a circulating supply of 70,538,831 NEO.

Neo Price Analysis

neo
Source:tradingview

The technical chart indicates that bears are emerging strongly in the market, the chart also indicates that current stats are indicating further downfall as there is a sharp negative divergence in the various aspects of the chart.

NEO prices are again falling to bearish zone as are trying their best to stop themselves from falling and now according to the Fib Retracement level they are entering into the major bearish zone.

MACD level indicates that there is an increase in the selling of NEO, there was some positive trade but shortly it faded away which is a bad sign for the altcoin.

24hr-RSI diving towards the heavy bearish zone from the normal zone, currently it is trading right below the level of 50 with a sharp negative divergence.

The 24hr-CCI is about to enter the overselling region from the normal zone after facing heavy volatility and trading in a double wedge pattern.

Resistance Level: $ 7.15 

Support Level: $ 6.00

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