NEO Retraces From $59 High, Shows Strength above $48

NEO Key Highlights as Crypto Shows Strength Above $48

  • NEO faces strong rejection at $59 as it shows strength above $48
  • NEO is in a downward move, may extend to $46 low
  • The crypto is consolidating above the $48 support

NEO Current Statistics

The current price: $50.68
Market Capitalization: $5,065,760,122
Trading Volume: $387,856,650
Major supply zones: $60, $70, $80
Major demand zones: $40, $30, $20

NEO Price Long-Term Prediction: Bullish

NEO/USD has resumed a downward move but shows strength above $48. On August 15, the crypto rallied to a high of $59.83. The upward move was stalled because the market has reached the overbought region. The crypto dropped sharply to the low of $49.87. However, NEO is likely to further decline on the downside. The downtrend may extend to the low of $46. Meanwhile, on August 18, the altcoin plunged to $48.63 low as bulls bought the dips. The coin pulled back to resume consolidation above the current support. On the downside, if price breaks below the $48 support, the crypto will decline to $46 low. Similarly, the altcoin may find support above the $48 and resume a fresh uptrend.

 NEO Retraces From $59 High, Shows Strength above $48

NEO/USD – Daily Chart

NEO Indicator Analysis

NEO has fallen to level 56 of the Relative Strength Index period 14. The crypto is now in the bullish trend zone and capable of rising on the upside. The crypto has fallen to the support above the 21-day SMA. A break below the moving averages will mean a downward movement of prices. The altcoin has a bullish crossover as the 21-day SMA crosses above and 50-day SMA. This suggests a buy signal.

What Is the Next Move for NEO as Crypto Shows Strength Above $48?

NEO/USD is likely to further decline on the downside but shows strength above $48. Meanwhile, on the August 17 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NEO will fall to level 2.0 Fibonacci extension or level $46.79.

NEO/USD – 4 Hour Chart

Also read:   NEO Price Prediction 2021 and Beyond

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