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- The token has shown bearish actions in the previous sessions.
- The pair of NEO/USDT is trading at the price level of $8.81 with a decrease of 2.75% in the past 24 hours.
The token’s uptrend has come to a halt and is facing strong resistance at the 200 EMA on the daily time frame. In order to continue the uptrend the token needs to cross and sustain above the 200 EMA.
NEO token on the daily chart
The token is facing resistance at the strong confluence level of 200 EMA and $9.25 resistance level on the daily time frame. As we can see on the daily chart, the NEO token is currently trading at $8.81 with a loss of -2.75% in the past 25 hours. The token has crossed and sustained above the 50 EMA and is trading between its key Moving Averages which are 50 EMA and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA).
Relative Strength Index: The RSI curve of the asset is currently trading at 58.65 and is declining in value as the token faces strong rejection from the 200 EMA. The RSI curve has crossed the 14 SMA downward indicating the token is bearish. If the token continues to fall in the coming days then the value of the RSi curve will fall even further.
Analyst view & Expectations
The token was strongly rejected which can be seen by looking at the length of the wick made by the candles. The highs made by the bulls were rejected and were pushed down by the bears. Whereas,on the other hand the intraday traders have a good opportunity to go short and book profits as per their risk to reward ratio.
According to our current NEO price prediction, the value of the NEO is expected to rise by 8.21% by the next few days, reaching $9.52. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 49. (Neutral). Over the last 30 days, NEO had 21/30 (70%) green days and 7.40% price volatility.
Technical Levels
Major support: $8.63 & $8.03
Major resistance: $9.25 & 200 EMA on the daily chart.
Conclusion
The token is forming a bearish chart pattern as per the price action and the bears are likely to continue pushing down the price of the token.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
