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NEO Is in a Minor Retracement, Faces Rejection at $48

NEO Key Highlights

  • NEO struggles below the $50 overhead resistance as it faces rejection at $48
  • The cryptocurrency trades in the overbought region
  • The crypto is in the bullish trend zone as it breaks above the downtrend line

NEO Current Statistics As It Faces Rejection at $48

The current price: $48.47
Market Capitalization:$4,851,409,409
Trading Volume: $602,189,467
Major supply zones: $60, $70, $80
Major demand zones: $40, $30, $20

NEO Price Long-Term Prediction: Bullish

NEO/USD has been consistent in its uptrend but faces rejection at $48.The bulls are struggling to break above the $50 overhead resistance. Today, buyers are finding penetration difficult at the $50 high. The crypto has been repelled at the $48 high. There is the likelihood of the altcoin retracing to the previous low. In retrospect, on July 31, NEO rebounded above the $33.50 support as the crypto rallied to $48 high.

The bulls could not sustain the bullish momentum above the $50 high. The crypto fell to $40 and resumed a downward correction. Today, buyers are still struggling to break above the overhead resistance. A break above the $50 resistance will push the altcoin to $55 high. Nevertheless, if the bulls fail to break the recent high, the crypto will continue to fluctuate below the overhead resistance.

NEO /USD – Daily Chart

NEO Indicator Analysis

The crypto has risen to level 68 of the Relative Strength Index period 14. The altcoin is likely to reach the overbought region at level 70. The crypto is already in the overbought region of the daily stochastic. It is above the 80% range as sellers may emerge. The 21-day and 50-day SMAs are pointing northward indicating the uptrend.

What Is the Next Move for NEO As It Faces Rejection at $48

NEO /USD upward move is ongoing but faces rejection at $48. The uptrend is facing rejection at the recent high. The uptrend will resume when buyers overcome the $50 overhead resistance. Failure of the bulls to break above the overhead resistance will compel the crypto to fall and resume a sideways move.

NEO /USD – 4 Hour Chart

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