NEO Again Welcomed by Major Support Level of $17.00 Amid Price Corrections

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 resistance level of $20.00 is looking much tougher to break for NEO after testing the level past a few days back
  • The NEO/BTC pair is also performing negative with the loss of -1.59% bringing the current level to 0.00153796 BTC 
  • The cryptoasset is currently held by the major support level of $17.00

NEO hasn’t quite been able to capitalize on the overall bullish sentiment that was present in the market during which other major altcoins gained new levels for this month. Neo showed signs of a positive move during the starting of this month with the help of the same support level but is unable to surpass the major resistance level of $20.00 again in the market. 

neo
Source: Coinmarketcap

As the weekly price chart indicates, the price momentum of the cryptoasset has been positive but not being able to gain any significant movement. The positive move started after it reached a critical support area of $16.50 and went to the peak point of just $18.50. The CMP is at $ 17.52 with the market capitalization of $1,235,730,386 and the 24-hour volume traded of $373,366,122. 

Technical levels Bending In front of The Bears 

neo tech
neo tech

The technical chart highlights the downtrend faced by the NEO at the end of September which is followed by immediate price recovery action. However, the price recovery action didn’t last long for the coin and the bears were back. Currently, it is facing resistance which is placed at 0.236fib level and failed to break after several attempts. 

Relative strength index levels are showcasing negative nature with the current level standing at 43.31. Any further downfall below 40.00 can ensure the stay of the bears. 

The commodity channel index is also on a downturn with the current level of -126.73. The levels must avoid any long stay in the oversold region further ahead in the market. 

The directional movement index is also signaling bearish movement for the upcoming days as the ADX(16.13) is well below -DI(21.14).  

Can Neo Sustain Above Major Support Level of $17.00? 

Looking at the magnitude of the price corrections for Neo, the sustainability above the support level is surely in doubt. However, the cryptoasset has broken below the same support level on previous occasions and have entered critical support zones. A downfall until the price level of $16.50 looks valid for now. 

RESISTANCE LEVEL: $19.00 & $20.00 

SUPPORT LEVEL: $17.00 & $16.50 

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