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NEO Declines to $49 Support as It Faces Rejection at $56

NEO Declines to $49 Support as It Faces Rejection at $56

NEO Key Highlights as It Faces Rejection at $56

  • NEO is in a downward move, revisits $46 low
  • NEO faces rejection at the $56 high
  • NEO bulls are likely to defend the $49 high

NEO Current Statistics

The current price: $52.29
Market Capitalization:$5,228,610,931
Trading Volume: $417,175,633
Major supply zones: $60, $70, $80
Major demand zones: $40, $30, $20

NEO Price Long-Term Prediction: Bullish

NEO/USD is trading at $52.11 as it faces rejection at $56. The altcoin has continued to fall on the downside. In its first rejection on August 24, NEO dropped to the low of $49 as bulls bought the dips. The market corrected upward to $56 high.

However, the crypto faced a second rejection at the $56 high. This will cause the altcoin to reach the low of $49 of $46 low. However, the bulls are likely to defend the $49 support. In previous price action on August 19 and 27, the bulls defended the $49 support price level. The uptrend will resume if the $49 support holds. The selling pressure will resume if the bears break below the previous low.

NEO Declines to $49 Support as It Faces Rejection at $56
NEO/USD – Daily Chart

NEO Indicator Analysis

NEO is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The crypto is below the 50% range of the daily stochastic. It indicates that the market is in a bearish momentum. Presently, the altcoin is falling to the downside. The 21-day SMA and the 50-day SMA are sloping downward. The altcoin is above the 25% range of the daily stochastic. The market is rising as it is in a bullish momentum.

What Is the Next Move for NEO as It Faces Rejection at $56

NEO/USD has resumed a downward move. The altcoin is falling as it faces another rejection at the $56 high. Meanwhile, on the August 25 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NEO will fall to level 1.618 Fibonacci extension or level $46.06. From the price action, the altcoin has fallen to the low of $51.

   NEO Declines to $49 Support as It Faces Rejection at $56
NEO/USD – 4 Hour Chart
Also read:  NEO Cryptocurrency Review – What are NEO Advantages?
 

 

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