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NEO on Correction Mode, Struggles to Hold Support Lines – Technical Analysis

NEO is currently on a downward trend this past 2 weeks. After a nice bull run during the month of April that boosted NEO with more than 40% price increase trading over Bitcoin, a 2-week bearish trend opened the month of May, which put the NEO price back to April levels. As of press time, NEO is trading at 0.0072 BTC level and $57 level.

NEO/BTC Trade Pair

Looking at the chart, there seems to be a bigger downtrend with major resistance level at 0.0085 BTC and 0.01 BTC. A smaller downtrend that started on May is much steeper and has major resistance levels at 0.0075 and 0.0081 BTC. On the other hand, we see an upward trend line that serves as a major support level at the 0.0072 and 0.0073 BTC levels.

Based on the current price action, a break at the 0.075 BTC level and a continued rally towards the 0.081 could fuel another bull run towards the 0.085 BTC major resistance line.

However, as of the moment, NEO is still undergoing correction mode and is still looking to hold support lines. The price action in the next few days will determine if NEO can hold or succumb to selling pressure, which will decrease the price even further.

NEO/USD Trade Pair

NEO is trading rather weak against the dollar. Looking at the chart, there seems to be a much larger downtrend with major resistance at $90, and a minor downtrend line with resistance at $70.

A strong support line is formed at the $57 level. As of the moment, NEO is continuing on the downtrend with no signs of consolidation. A break at the $70 resistance level with sustained trade volume could signal a recovery towards the $90 level.

However, based on current price action, NEO price could go back down to $57 before bouncing off the support line.

Moving Forward

NEO is still one of the best cryptocurrencies considering its fundamentals and functionality. If you are looking to invest in NEO, this could be a good entry point for you.

SUMMARY

  • NEO/BTC is struggling to hold support level at 0.0072 BTC.
  • There is strong resistance at 0.0075 and 0.0081 BTC levels.
  • NEO/USD is also on a downtrend with no signs of consolidation.
  • NEO/USD price could go down to $55 before bouncing off the support level.

(DISCLAIMER: This is not financial advice. The analysis and recommendations provided here are based on my own research and personal opinion. Trade wisely!)

Author: Author : Mil

Mil is based out of Philippines and has been writing for cryptonewsbytes.com since 2017. He enjoys doing market analysis on crypto and follows the trends very closely. He is a marketing genius and gets tremendous amount of energy to the team. He enjoys reading books in his spare time and big time into basketball.

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Mil is based out of Philippines and has been writing for cryptonewsbytes.com since 2017. He enjoys doing market analysis on crypto and follows the trends very closely. He is a marketing genius and gets tremendous amount of energy to the team. He enjoys reading books in his spare time and big time into basketball.
Mil is based out of Philippines and has been writing for cryptonewsbytes.com since 2017. He enjoys doing market analysis on crypto and follows the trends very closely. He is a marketing genius and gets tremendous amount of energy to the team. He enjoys reading books in his spare time and big time into basketball.

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