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- 1 Neo price is currently trading at $7.29 while witnessing a loss of 2.41% during the intraday trading session.
- 2 Neo price has slipped below 20,50,100 and 200-day exponential moving averages.
- 3 The year-to-date return of NEO is 18.92% while the three-month return is -18.91%.
NEO price has been in a downtrend, forming lower lows, after the bullish rally of June ended and it made a high at $10.79. The crypto price faced strong rejection above $10 which induced negative sentiment in the market.
The price then hovered near the major support level of $8.40 and entered into a narrow consolidation zone ranging between $8.40 and $8.55.
On 15 August, the bears again took control and shattered the support level of $8.40. Neo price witnessed a strong fall during mid-August 2023. The asset price melted and formed a support at $6.90.
Currently, the cryptocurrency price is stuck in a narrow consolidation zone ranging between $6.90 and $7.55. On 5 September, NEO price did break the resistance level of $7.55 but could not close above it and retraced back into the zone.
Possibilities For NEO Price
The previous candle closed as a bullish candle with a long lower wick. The current candle has broken the low of the previous candle and is headed toward $6.90. If bears take control and push the price below the $6.90 level, the price might fill the wick of the 17th August candle and melt toward the low of $6.38.
On the other hand, if the asset price can break the resistance level of $7.55, the price might fill the upper wick of the 5th September candle and rise toward the $8.15 level. The market capitalization is down by 0.40% to $513,599,395 and the 24-hour trading volume has surged by 84.27%.
Will NEO Price Fall to the $6.90 Level?
The cryptocurrency price has slipped below 20, 50, 100, and 200-day exponential moving averages, suggesting bearish momentum. The Chaikin money flow score has climbed above the 0 mark and currently trades at 0.07, indicating a rise in strength and capital inflow in the market. CMF has been trading above the 0 mark since 22 August, supporting the current price action.
The relative strength index has dropped below the 50 mark and trades at 45.26, suggesting a rise in bearish pressure over the price. The Bollinger bands have contracted indicating a decrease in volatility.
NEO price touched the upper band of Bollinger and witnessed a short-term pullback. The price is currently headed toward the lower band which resides near the $6.90 support level.
The long-short ratio of NEO is 0.91 with 47.68% longs and 52.32% shorts indicating higher positions of sellers in the last 24 hours.
Conclusion
The market structure and price action are bearish after the cryptocurrency price faced strong rejection above $8.
Technical Levels
- Major support: $6.90 and $6.40
- Major resistance: $7.55 and $8.40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
