Lorenzo Stroe
Independent Analyst
- Neo price must hold a key support level to avoid a 25% drop.
- A critical indicator has presented a sell signal for NEO.
- The digital asset suffered a 43% crash down to $31.
After a massive sell-off, Neo price has rebounded from a crucial support level at $31. However, a key indicator has just presented a sell signal which could send NEO even lower.
Neo price on the verge of falling to $21
On the 3-day chart, the TD Sequential indicator has just presented a sell signal for the first time since December 2020. The last signal had a significant bearish continuation, which adds credence to the outlook of the current one.
NEO/USD 3-day chart
On the 4-hour chart, Neo price has just climbed above the 100-SMA support level. A breakdown below this point at $40.7 will quickly send NEO down to $32 at the 200-SMA. Failure to hold this level would be devastating with the potential to drive Neo price towards $21, which is the 50-SMA on the 3-day chart.
NEO/USD 4-hour chart
To invalidate the bearish outlook, NEO bulls must push the digital asset above the 50-SMA at $44.8. A breakout above this point could quickly launch Neo price towards the psychological level at $50.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.