Support Level of $16.50 and Overall Bullish Sentiment Bring Backs Bulls for NEO

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • The bullish move for NEO is back in the crypto market upfront
  • The major support level of $16.50 did what was expected and prevented further downfall for the cryptoasset 
  • The NEO/BTC pair is also on a significant positive move with an overall gain of 1.53% bringing the current price level to 0.00156747 BTC. 

NEO is taking full advantage of the overall bullish sentiment present in the market during Friday’s trading session. The CMP is placed at $17.09 with an overall gain of 4.30%. The market capitalization is at $1,205,205,853 with 24-hour volume traded of $442,218,022. If the bullish move sustain for the altcoin, it can have the target of reclaiming the crucial price level of $20.00

Source: Coinmarketcap

The weekly chart of Neo highlights the negative momentum faced by the altcoin after breaking below the crucial price level of $20.00. The downturn brought the price levels to the major support level of $16.50. On Friday’s market session, the crypto asset with the help of the support level and overall bullish sentiment in the market pushed the price level above the mark of $17.00 which can be a positive sign for upcoming days. 

Technical Levels Suggest a Lot More to do for NEO

Source: Tradingview

The technical chart reflects on the downtrend faced by the altcoin after breaking below the price level of $20.00. During the downtrend, the levels got support from 0.236fib level and had a minor positive breakout. The positive trend was then later faced major resistance and reversal from 0.618fib level and went on to a significant downturn. Due to the ongoing positive move, there has been a little expansion in Bollinger Bands and the levels also broke above the base level of $ 16.79. 

RSI attempted to make a recovery in the levels which is followed by a current negative turn. The current level of RSI is at 50.03.

CCI levels have been on a recovery mode since the inception of the bullish move. The current level of CCI is 79.38 and there’s still room for improvement. 

Where NEO Can be Headed? 

The current target of NEO is set at $20.00 if the overall bullish sentiment sustains in the market. On the downside, the cryptoasset is immensely supported by the price level of $16.50. 

RESISTANCE LEVEL: $19.00 & $23.00

SUPPORT LEVEL: $16.50 

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