- 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. Check out our Neo forecast to know more about the prediction of the coin by experts.
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.
