NEO technical analysis: NEO/USD falls after charting the double top pattern
- NEO/USD fell from $9.15 to $8.80 so far this Thursday.
- The 200-day simple moving average (SMA 200) has crossed over the SMA 50 curve, charting the death cross pattern.
NEO/USD daily chart
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NEO/USD fell from $9.15 to $8.80 so far this Thursday, following a bearish Tuesday and Wednesday. Since Tuesday, the price has fallen from $9.85 to $8.80, dropping by 10.66%. The relative strength index is trending around 34.35, right next to the oversold zone. The NEO/USD daily price formed a double-top pattern, trying to break past the $10.20 resistance level, but then lost momentum and fell. The 200-day simple moving average (SMA 200) has crossed over the SMA 50 curve, charting the death cross pattern.
NEO/USD 4-hour chart
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The 4-hour NEO/USD is trending below the green Ichimoku cloud. The price has broken below the triangle pattern and is also trending below the SMA 200, SMA 50 and SMA 20 curves. The second last price session tried to break above the $9.15 resistance line before it dropped back down. The moving average convergence/divergence (MACD) line is diverging further from the signal line, indicating higher bearish momentum.
NEO/USD hourly chart
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The hourly NEO/USD fell below the lower curve of the 20-day Bollinger band, showing that the price is undervalued. After that, the bulls stepped in and took the price back inside the Bollinger band, where it met resistance at $9.15 and fell. The price is trending below the SMA 200, SMA 50 and SMA 20 curves. The Elliott oscillator has had three straight bearish sessions.
Key Levels
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.
