NEO Price Chart Analysis: Moving Average and Price Range

Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.
  • Neo had its’ downward price movement from January 2018 All-time high of $180.62.
  • Last week the currency showed divergence and made some up move. On May 9, Neo touched the level of $11.55 on a closing basis.

Just like other cryptos, Neo coin had its’ downward price movement from January 2018. At that time, the currency made a high of $180.62. Since then, the downward price of Neo has reached a low of $6.82 on March 30. However, last week the currency showed divergence and made some up move. On May 9, Neo touched the level of $11.55 on a closing basis.

Neo Price Range

The price range was important as it broke 20-day Moving Average & 50-day Moving Average at $9.85 & $9.36 respectively. Hence, there was a chance of an up move for technical reasons from MACD. In such cases, traders want to either long building or short covering. Hence, the price of the coin was expected to move upside. According to the chart analysis, the price could move to the first resistance level at $12.4. Furthermore, just like other currencies, uncertainty over geopolitical and money printing can have a positive impact on Neo.

NEO Analysis

After touching a high of $11.55 on a closing basis on May 9, the price of Neo started sliding. On the next day, Trader started profit booking and the price of coin took a downturn that stopped around $9.50.

A little bit of divergence occurred in the coin price but as of now, the price is at the same level. According to the chart analysis, the present level raises both hope and fear. Traders’ hope is coming from long-term support at $9.36. On the other hand, fear rises the price can go down if this long-term support at $9.36 is somehow broken.

It seems Neo needs to do something valuable to be more attractive to buyers. However, the last 30-days chart is positive for the up move of the altcoin. It should be noted that May 7 to May 10 was good for almost all crypto but the price cooled off after that.

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