Going down with Bitcoin’s price drops, NEO has suffered greatly in terms of price action. NEO has hit its year-low level, which was last seen last December 2017. As of the moment, NEO is trading over Bitcoin at 0.0031 BTC and over USD at $20.
NEO/BTC
NEO price action is trading along a downtrend and broke below the strong support around the 0.004153 BTC level, which coincides with the 0.236 key Fibonacci level. Price managed to bounce from the 0.002355 BTC level, which is also a key support level last December 2017. The year-low price action is currently facing strong resistance as it approaches the middle Bollinger Band. If price manages to break the middle Bollinger Band, next resistance is seen at the 0.236 Fibonacci level around the 0.004153 BTC mark, which previously acted as support. The MACD is looking good as momentum just shifted upward with MACD crossing the signal line. The RSI is also looking positive as it made a strong bounce from the oversold region and is currently facing strong resistance. The recent bounce looks good, but NEO is not out of the woods just yet. More volume and trades must come in the coming days to confirm this shift in price trend.
NEO/USD
Looking at the NEO/USD trading pair, the price broke below the 0.5 Fibonacci support level around the $31 mark and fell to the $14 level. Price action is Price action is still moving along a downward channel with multiple resistances at the coincidence of the 0.236 Fibonacci line, the downward trendline, and the middle Bollinger Band. The MACD crossed above the signal line, which indicates a shift to upward momentum. The RSI made a strong bounce from the oversold region, but is currently facing strong resistance. The recent bounce is far from an upward recovery. A strong breach above the 0.236 Fibonacci level could target the next resistance at $27.
As of the moment, NEO is a very undervalued altcoin with huge upside potentials. Plan your entry points well!
(DISCLAIMER: This is not financial advice. The analysis and recommendations provided here are based on my own research and personal opinion. Trade wisely!)
