- NEO, at the time of writing this article, was trading at $10.75 and holding an extended bearish crossover against the US Dollar
- NEO/USD exhibit a steep fall from the 90-day high price of $16.69 and records a plunge of over 35% within 10-12 trading days
- A further dip will let the price trend of NEO to breach the 38.20% Fib Retracement level. The bearishness remains intact as there happens to be no intraday positive move
- Gains support from 200-day daily MA yet appears volatile in the upcoming days as the 20-day Bollinger Bands widen
NEO dips from the 90-day low marked at $16.69 as it lacks the short and medium-term support as the market started crashing.
NEO Price Analysis
Analyzing the 12-hourly NEO/USD price movement on Bitfinex, we see that the price trend of the coin is making a certain pattern over the past four months. However, a reverse trend is seen as the former steep rise is changing into a steep fall, and NEO trades as $10.75. At this trading price, it has immediate support from the 200-day daily Moving Average. The 20-day Bollinger Bands are seen widening, and the price trend is hitting through the lower band, and a further fall will lead the price to dive below 38.20% Fib Retracement level.
Moreover, the whole crypto market including Bitcoin is seen drawing losses over the past 2 days and the intraday gains have not been that superlative that it can make good the losses. On the downside, NEO is likely to hit immediate support at $10.5 followed by $10. However, a gradual gain of momentum can help the coin to rise above the selling pressure and face resistance at $11 and $11.5 until then the bearish crossover remains intact.