NEO Price Analysis: NEO/USD runs out of steam around $16.70 level as bears take control


  • Before this Saturday, NEO/USD had risen from $13.55 to $16.69 over the previous four days.
  • The RSI has dipped from 82 to 75.

NEO/USD daily chart

NEO/USD daily chart

NEO/USD ran out of steam around the $16.70 level as the price dipped from $16.69 to $16.10 in the early hours of Saturday. Before this, NEO/USD had four straight bullish days wherein the price spiked from $13.55 to $16.69. While the RSI indicator has dipped from 82 to 75, it is still hovering inside the overbought zone. This shows that a further price drop may be expected. Since the next healthy support level is at $15.32, the bulls will need to get their act together and make sure that the NEO/USD doesn’t slide any further than it already has.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

What BTC/USD needs to reclaim the ground above $10,000?

Bitcoin bulls fight the effects of the price sliding below a rising wedge pattern. Recovery from lows at $9,500 has been steady. However, the momentum appears to have fizzled out at $9,800. 

More Bitcoin News

Ripple Price Analysis: XRP/USD bulls match to jumpstart rally to $0.35

Ripple is making a comeback towards the broken support at $0.30. The recovery follows a slump from highs marginally under $0.35 to lows of $0.27119. The Bollinger bands daily middle curve formed ...

More Ripple News

ETH/USD tug of war at $270 intensifies as $280 beckons

Ethereum managed to stay above the support at $240 during the bearish Monday. Also contributing to the support was the long term ascending trendline. The recovery from the support has been steady enough to hit levels slightly above $270. 

More Ethereum News

XMR/USD bulls make a comeback after finding support on the SMA 20 curve

XMR/USD bulls jumped up from the support provided by the SMA 20 curve to rise from $82.68 to $83.13. Before this, the market suffered from three straight bearish days following its repeated failure to ...

More Monero News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast

BTC

ETH

XRP