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- 1 NEO coin taking breathe near the strong support mark of $10.
- 2 Bulls looked weaker in the last session.
NEO price is looking mildly bearish in the last few sessions. The sellers continued to sink in price, and the pressure on the coin was on the verge. This sinking in price led the coin to test its 200-day EMA, where NEO took hold and attempted a bounce to reclaim the bullishness. The price action favors sellers as the price cannot sustain near $13 and returns toward the vital demand area. Moreover, the buyers are also trying to maintain the strength near the demand zone and attempting to bounce from its 200-day EMA.
When writing, the NEO coin is trading at $10.83 with an intraday dip of 2.22%; bulls are looking strong near the support mark and persist in sustaining and attaining the grip. Moreover, the trading volume showed an increase of 35%. The pair of NEO/BTC is at $0.0003735 satoshis. While based on price action, the coin is stuck in the narrow range and consolidated in the past days, and sellers attempted to break the voyage and break below 200-day EMA.
Daily Chart Showing Sellers Solidity
On the daily chart, the NEO coin had a grip above the support mark of $10 and bounced back. Furthermore, the fight between the buyers and sellers is still in action, where sellers continue to register the lower lows sequence, and the price is hovering near the lower Bollinger band. If any breakdown below $10 sellers succeeds in writing, then more downside towards $9.00. If buyers regain traction and close above the 50-day EMA near $12, then buyers will uplift the gains and achieve bullishness.
Short Term Charts Bound In Specific Range
On the 4-hour charts, the NEO coin traded in a narrow range from the last sessions and consolidated near the mid-Bollinger band. Buyers and sellers continue to show strength resulting in the coin hovering in a biassed range.
The RSI of the NEO coin is below the neutral scale of 50, and the curve is at mark of 47, but trying to claim bullishness.
Moreover, the parameters indicate the buyers are gradually making long positions and trying to achieve gains.
The MACD indicator shows slight positiveness, with the green bars reflected in the last session. However, the crossover is yet to register, which decides the trend further.
Conclusion:
NEO coin is conveying consolidating with low trading volumes, buyers are continuing to lift the price from the support rather than continue to slip.
Technical Levels:
Support levels: $10.00 and $9.50
Resistance levels:$ 11.50 and $13.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
