Neo (NEO) Again Acquiring Volatility In The Prices, Level Of $8.40 Is Becoming Week

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 that they are on the verge to acquire bearish momentum, the prices of the cryptocurrency are struggling to put a halt on acquiring negative trade.
  • The NEO/BTC pair is performing negatively with the loss of -0.81% bringing the level to 0.00111567.

Currently, bulls are relying on the support of $8.40, which will be tested to its core soon.

After trading with lots of variations above this new support level, prices made this level prone for a collapse as it is unable to provide an upsurge.NEO prices might acquire a heavy negative momentum and some variations if they lose this support level.

The NEO prices managed to climb up but above there is a heavy resistance level present at the zone of $8.70 which pushed prices down many times in today’s and yesterday’s trading session. Prices did acquire a negative momentum and tried to broke down this price level, it is possible that prices might lose the level of $8.40  and then they will fall and $7.00.

The market capitalization of NEO is USD 599,630,237 with volume traded of USD 565,759,042 and a circulating supply of 70,538,831 NEO.

NEO Price Analysis

neo1
Source:tradingview

The technical chart indicates that NEO bulls might emerge again in the market as there is a positive trade peeking out, the chart also indicates that current stats is indicating further downfall if prices didn’t adopt the positive trade soon.

The technical indicators and oscillators are turning blue which is a good indication as prices will be able to pull off an uprise.

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

24hr-RSI was diving towards the heavy bearish zone from the normal zone, currently, it is trading right above the level of 40 with a slight positive divergence.

The 24hr-CCI  entered the overselling region from the normal zone after facing heavy volatility and trading with a sharp negative divergence but currently, it reaches back to the normal zone with slight uprise.

Resistance Level: $ 8.70

Support Level: $ 8.40

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