- NEO is trying to carry out a price recovery since yesterday; currently facing hurdles
- The support level appears near $8.51; a breakout above 50% Fib level is must for a rally
- Technicals are yet to give any positive signs; bears may hold grip again
Although NEO’s two-day price chart manifests enough volatility, the coin has failed to strike a lasting price recovery. Meanwhile, Bitcoin is also persistently trying to keep the bears away.
NEO Price Prediction
The day before yesterday, NEO initially traced a low swing at $8.64 from its opening price at $8.86. The price went as high as $9.05 in the later part of the day to see a steady pullback. It was yesterday when the coin bottomed at $8.51, where it found a support level. With a weak rebound, the currency reached as high as the 50% Fib level and then faced a stiff resistance above it. NEO price again approached the 0% Fib level, where the support lies.
The coin again started to recover but is yet to trade above the 50% Fib level. At 09:36:13 UTC, NEO is trading at $8.68.The MACD chart is heading downwards while the RSI indicator is moving up with a stable momentum. SMA lines appear prey much bearish with a notable gap in between. The coin needs to trade above the 78.60% Fib level to carry out a bull-run.
NEO price is likely to see the resistance levels at $9.07, $9.33 and $9.58 while its support levels stand at $8.56, $8.31, and $8.05.