Friday, 16 August 2019

NEO Signs Of Weakness

NEO has suffered lately from the general weakness of Cryptocurrencies. 

After repeated retests of the uptrend line, bears succeeded to drag the price below it. It is a bearish sign. Additionally, NEO is trading below the moving averages and RSI is in the negative zone. All of these show that sellers have the upper hand.

The next support to watch now is $9.18. On the other hand, if the price breaks down of $9.18, it may drop to $6.80.

Bulls need to push the pair above the uptrend line to start a recovery. You shouldn't buy a fresh position as long as the pair sustains below the uptrend line. As we recommended in the last analysis, traders should buy when price breaks up the 20-day EMA. 

NEO Analysis Chart

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