- The 1-week price path of NEO/USD seems moderately bullish; However, bulls may need a support level to sustain the rally
NEO has opened the week on a bearish note where it was trading around $8.6. After a dip below $8.3, it started to move upwards, and it reached above $9.5 with a positive bias. Even after the coin saw corrections, the price kept its upside movement intact. However, the last 24 hour’s price trend has deteriorated the way Neo price was trading.
- The coin formed a head and shoulder pattern yesterday, confirming which, the NEO coin’s price is declining
The recently formed head and shoulder pattern had already signaled about the upcoming price drop. Till then, the coin had formed a few lower highs as $9.58, $9.33 and $9.31. It has even breached the major support level near $9, and now the coin is looking for a bottom at $8.98.
Notably, at present, the NEO price is strolling around the 50% fib level. Like the rest of the market, the coin is facing quite a volatile blow.
- The current price has been trading below the 200-day EMA line while it holds a stable Bollinger-bands
Neo coin is under strong selling pressure. Also, its technical indicators seem bearish. The MACD indicator is already in the bearish zone while the coin is yet to cross the EMA line.