NEO Price Analysis: Neo Price Depicts A Bearish Move For The Future

  • NEO price  moving towards the support of $60, while taking the support at the lower levels of supply zone
  • The pair of NEO/BTC is trading on the Bearish note, presently trading at 0.001036 BTC with an intraday loss of 1.88%

Why To Invest In NEO Coin?

Neo is a “rapidly growing and developing” ecosystem that has the goal of becoming the foundation for the next generation of the internet. It was founded in 2014 and it was initially called as Antshares. NEO was the china first ever block chain launched. One of the unique selling points of the Neo blockchain concerns its continuous development, which helps ensure that it is future proof and able to cope with sudden increases in demand. NEO coin has given an unexpected returns in the past and can continue to do the same in the future.

Technical Indicators Hints A Consolidated Move For NEO Price

Source:Trading view

The weekly technical chart of NEO highlights a bearish move. DOT price is moving in a consolidation zone in the daily time frame. Resistance on the upside for the coin can be seen at $65. Neo price can bounce back while going down from $55.It is trading above 50 and 100 Moving Average. The 50MA (RED) line is at $45, making it temporary support for the current price.NEO price has formed an accumulation zone in the daily chart.If price moves above the accumulation zone then a rally upto $70 can be seen.

RSI(Bearish): It is trailing at 66.7, showcasing its presence in the overbought zone. There is a small negative slope formation in the RSI, highlighting a negative sentiment for the price. RSI depicts a bearish momentum for DOT price.

Conclusion

NEO price has seen a gain of more than 350% from the start of the year. The NEO/BTC pair sees a negative momentum but can see a upside correction. Investors should do their due diligence before investing.

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