As the whole cryptomarket underwent a major correction during the month of May, NEO’s price action over Bitcoin and over the US Dollar also took a huge hit.
As of press time, NEO is trading at 0.072 BTC and $54 levels.
NEO/BTC Trading Pair
Looking at the chart, NEO is still on a major downtrend coming down from the February high of 0.015 BTC level. After plummeting from the 0.01 BTC level to the 0.066 BTC level, NEO managed to bounce off and record some gains back to the 0.072 BTC level. NEO also had a slight breakout of the minor, much steeper downtrend that started during May.
A major support level at the 0.067 BTC level also formed, which is appears to be the fourth bottom already for NEO. NEO prices already touched this level on March 18, March 27, April 6, and latest May 28. This confirms that the 0.067 BTC level is holding strong, and could be a quadruple bottom already for NEO. A strong upward trend could signal a bullish movement for NEO, which could mean that the selling sentiment is already getting exhausted.
NEO/USD Trading Pair
On the NEO/USD trading pair, NEO is still on a major downtrend coming down from the January major correction. NEO managed to bounce off the $50 level, which is just below the 0.786 Fibonacci Level. The double bottom that formed at the $50 level is strong indication that NEO may have reached a very strong support level.
As of the moment, NEO is on consolidation phase, and is looking to break the 0.786 Fibonacci Level at the $55 mark. Evidently, the $55 mark is also the strong resistance level that previously acted as support. On the short term, NEO is still on a downtrend and prices are not expected to target all-time highs anytime soon.
Summary of Key Points:
- NEO is still trading on a major downtrend over Bitcoin and over the US Dollar.
- NEO bounced off major support levels at 0.066 BTC and $50.
- NEO formed quadruple bottom over BTC, and a double bottom over the US Dollar.
(DISCLAIMER: This is not financial advice. The analysis and recommendations provided here are based on my own research and personal opinion. Trade wisely!)