The NEO Market (NEO/USD) Sets Sail from $6.58 to Recapture Higher Price Levels
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The NEO bear market started at the $16.00 price level after the early-year bullish rush peaked around the price level on February 21. The NEO bulls continued to make efforts to rally the market back to $16.00, but they were only able to attain lower highs on each occasion. The bullish resilience has slowed down the bearish trend up until now. Although the bears had a slight upper hand over the bulls, some long-position traders were still able to make moderate gains along the line.
NEO Market Data
- NEO/USD Price Now: $7.67
- NEO/USD Market Cap: $537,889,830
- NEO/USD Circulating Supply: 70,538,831
- NEO/USD Total Supply: 100,000,000
- NEO/USD CoinMarketCap Ranking: #63
Key Levels
- Resistance: $8.00, $9.00, and $10.00
- Support: $7.00, $6.00, and $5.00
Price Prediction for the NEO Market: The Indicators’ Point of View
The NEO market has continued to maintain the same support level since February 21, even though it has been having descending peaks. This price pattern is commonly referred to as a falling wedge triangle pattern. What this formation simply means is that although bulls may be strong around the key demand price level, with the descending price peaks, bears were gaining momentum to break the support level, which they eventually did in early June. Despite this, however, the market holds more likelihood to rally than to continue the downtrend. This is because, according to the Fibonacci Retracement indicator, at the $6.578 price level, the market completes a full bearish cycle, and that is why we see the market bouncing back at this level.
NEO/USD 4-Hour Chart Outlook
The NEO market’s bullish price recovery, however, now needs to deal with very significant bearish resistance around the $8.04 price level. The bearish resistance seems very strong as the market repeatedly gets rejected at the price level. This has forced the bulls to secure a near-support level around the $7.47 price level. With a near-demand level, buyers increase pressure on the resistance level.
