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NEO Price Watch: Reversal Pattern Confirmation

NEO Price Key Highlights

  • NEO not too long ago shaped a head and shoulders trend to sign downtrend is underway.
  • Price has since damaged underneath the neckline round $36 to substantiate that bears have the higher hand.
  • NEO has extra space to head south since it might slide through the similar top because the trend and technical signs recommend so.

NEO broke underneath the neckline of its head and shoulders trend whilst technical signs verify the downtrend.

Technical Indicators Signals

The 100 SMA has crossed underneath the longer-term 200 SMA to signify that the trail of least resistance is to the drawback. This implies that the downtrend is much more likely to renew than to opposite.

RSI is slowly crawling upper however is pointing backpedal once more to replicate sturdy promoting power. Stochastic moved south yet again, after simply making it midway against the overbought house. These verify that dealers are keen to go back and stay pushing NEO value down.

NEO has extra space to tumble because the chart trend spans $36 to $42, which means that that the selloff may just ultimate through the similar top. In the development of a temporary pullback, value may just in finding resistance on the shifting averages’ dynamic inflection issues across the damaged neckline.

NEOUSD Chart from TradingView

Market Factors

Cryptocurrencies are again on shaky floor yet again, with investor sentiment dampened through unfavourable remarks from well known economists and resurfacing business tensions. This has additionally ended in a pickup in call for for america greenback, weighing on NEOUSD because of this.

Ontology is reportedly on the brink of airdrop $40 million USD value of ONT tokens in a unfastened airdrop for all NEO token holders, so this may supply some strengthen for this actual altcoin or no less than save you near-term losses. Ontology says that it’s doing this to display its appreciation to NEO for “relevant cooperation and to support NEO community feedback”.

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