NEO Price Analysis – March 8.Since NEO markets have been following the same trend, the next direction might possibly take a slope move. Technically, the token seems to have been bullish exhausted. A fall would depreciate the value of the token. Ranked 17 on market cap, NEO’s trading volume is about $309 million with a market cap of $587 million. The 24-hours market change is 2%. However, the important 50-days moving average line still holds price for the bull.
Resistance levels: $10, $10.8, $9.9;
Support levels: $8.2, $7.8, $7.5;
After NEO fell in January, February opens long at $6.8 and soared to $10.8 where another decline was experienced before following a downward movement. The bears have been gaining control for over a week. NEO is now trading around $9 price level as the 4-hours RSI nears the overbought condition.
Yesterday, the coin crossed up the important 50-days moving average (yellow line) with strong green candles. A further incline might send price to key resistance levels at $10 and $10.7. By then, the 4-hours MACD would reveal at the positive zone. In case the bidders failed to sustain price above the yellow line, the sellers won’t hesitate to take the trade to $8.2 support area. At the moment, traders are deciding as NEOUSD stabilizes.
Against Bitcoin, NEO has been following a bullish sentiment after breaking-up the important 50-days moving average (yellow line) in early February; reaching the high of 0.0026 BTC before declining to 0.00217 BTC support area. The whole scenario is reflected in the 4-hours MACD. The token is trading around 0.002 BTC.
NEO is currently on a short move, sitting on the yellow line. As shown on the 4-hours RSI, a possible low drive could send the token to test a tough support area at 0.00217 BTC.
However, if NEO managed to break the mentioned support, a massive drop is likely to bottom at 0.002 BTC. The key resistance level for the bull lies at 0.0024 BTC and beyond. For now, the yellow line remains the bulls defense line.
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