Neo price analysis: NEO/USD fails at the $13-level, finds support at $12
- NEO/USD fell from $12.96 to $12 this Monday.
- The 50-day simple moving average (SMA 50) has crossed over with the SMA 20 curve, which is a bearish sign.
Monday turned out to be extremely bearish for NEO/USD as the price plummeted from $12.96 to $12. The hourly-chart shows us that the bulls went up to $13.03, where they lost steam and went down to $11.65. After that, the bulls stepped in and took the price up to $12.
NEO/USD daily chart
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The 50-day simple moving average (SMA 50) has crossed over with the SMA 20 curve, which is a bearish sign. Both of these curves are also trending above the daily price chart. The moving average convergence/divergence (MACD) indicator shows decreasing bearish momentum. The Elliot oscillator shows four straight bullish sessions. The relative strength index (RSI) indicator is trending around 39.06, right next to the oversold zone.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
