Neo Price Prediction: NEO could bottom out at $15 if sell orders continue piling up
- Neo price of $15 could be a great buying opportunity for the bulls.
- The bulls are defending a critical support level, which could be essential for the recovery.
Neo is currently trading at $16.21 after a significant 27% decline from the high at $21.82. The entire cryptocurrency market plummeted in the past 24 hours, and altcoins suffered the most. However, it seems that NEO is close to bottoming and ready for a potential recovery.
Neo price needs to hold a critical support level
On the daily chart, NEO price stopped at $15.80, which is right at the 50-SMA support level. Additionally, there is a long-term support trendline that was formed back in March, and it’s still holding.
NEO/USD daily chart
It also seems that despite the decline in NEO price since September 18, the MACD has just turned bullish for the first time in months, adding a bit more buying pressure. Using the Fibonacci Retracement levels, we can find out potential price targets.
NEO/USD daily chart
It seems that $15 is a strong support level, which coincides with the 0.5 Fib level and the 200-SMA on the daily chart. A breakdown below the support at $16 where the 50-SMA is currently standing would quickly drive NEO price towards $15. A further breakdown below this critical level can push NEO towards the 0.618 Fib level at $12.29.
On the other hand, as bulls have defended the long-term trendline and the 50-SMA on the daily chart so far, NEO could continue rebounding towards the 0.382 Fib level at $17.49, which is close to the 100-SMA on the daily chart.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
