NEO/USD: Bulls lose steam as price goes down by 3%

NEO/USD dropped down from $9.25 to $9 this Wednesday as Bulls lost their momentum.
Buyers will need to rally together and protect the $9 support line to prevent any further downtrend. They will also have to break past resistance at $9.75 to reverse the momentum.

Rajarshi Mitra Independent Analyst

NEO/USD dropped from $9.25 to $9.04 this Wednesday. With the Bulls losing their momentum, the bears have taken over the market. The short-term goal for the buyers will be to defend the $9 support line to prevent any further downtrend.

NEO/USD daily chart

NEO/USD is currently trading for $9.04 and is supported by support line at $9. In the last session, the bears managed to break past support offered by the upward trending line. The moving average convergence/divergence (MACD) histogram shows that bullish momentum is decreasing. The 20-day Bollinger band also shows that the price is trend closer to the center which is another indicator of an increasingly bearish market.

The bulls will need to rally together and break past resistance offered at $9.75. The 20-day simple moving average (SMA 20) has already crossed over SMA 50, which indicates a buy signal.

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.

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