- NEO, at the time of penning down this analysis, was seen having a red candle breakout at $13.73
- The downward trading channel that is forming after hitting a fresh 90-day high at $16.73 is likely to exhibit a bearish divergence
- NEO/USD retains immediate support from 200-day daily Moving Average
- The 20-day Bollinger Bands assigned exhibit squeezing of the bands and we project the trend to break through the lower Bollinger Band, as per the current trend and momentum
NEO cryptocurrency seems to have experienced a trend reversal as the uptrend breaks, and the price is currently nosediving.
NEO Price Analysis
Analyzing the 5-hourly NEO/USD price movement on Bitfinex, we see that the coin is facing a strong rejection above $16.73 from the second trading week of the ongoing month. Currently, the price of the Neo coin is seen nosediving at $13.73 and is exhibiting a free fall after testing the support at $15. The 20-day Bollinger Bands are seen squeezing, so we do not see any unpredictable volatility, but as per the current momentum, it is likely to break through the lower Bollinger Band.
The technical indicator assigned is likely to have a bearish crossover as the signal line appears to cross above the MACD line of NEO due to intraday red candlestick breakout.
The RSI of the coin is at 41.27 and is seen inclining towards the oversold region around and below 30.