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 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.
Also read: NEO Cryptocurrency Review – What are NEO Advantages?
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