Lorenzo Stroe
Independent Analyst
- Neo price of $15 could be a great buying opportunity for the bulls.
- The bulls are defending a critical support level, which could be essential for the recovery.
Neo is currently trading at $16.21 after a significant 27% decline from the high at $21.82. The entire cryptocurrency market plummeted in the past 24 hours, and altcoins suffered the most. However, it seems that NEO is close to bottoming and ready for a potential recovery.
Neo price needs to hold a critical support level
On the daily chart, NEO price stopped at $15.80, which is right at the 50-SMA support level. Additionally, there is a long-term support trendline that was formed back in March, and it’s still holding.
NEO/USD daily chart
It also seems that despite the decline in NEO price since September 18, the MACD has just turned bullish for the first time in months, adding a bit more buying pressure. Using the Fibonacci Retracement levels, we can find out potential price targets.
NEO/USD daily chart
It seems that $15 is a strong support level, which coincides with the 0.5 Fib level and the 200-SMA on the daily chart. A breakdown below the support at $16 where the 50-SMA is currently standing would quickly drive NEO price towards $15. A further breakdown below this critical level can push NEO towards the 0.618 Fib level at $12.29.
On the other hand, as bulls have defended the long-term trendline and the 50-SMA on the daily chart so far, NEO could continue rebounding towards the 0.382 Fib level at $17.49, which is close to the 100-SMA on the daily chart.
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.