<strong><em>The surge in selling pressure with the bearish clouds all over the crypto market forces a selling spree in NEO, soon to drive the market value under $10.</em></strong>

Key technical points:
<ul>
 	<li>The market price has decreased 1.69% over the past 24 hours.</li>
 	<li>The rejection from the 50-day EMA breaks under the support trendline.</li>
 	<li>The 24-hour trading volume of NEO is $409 Million, indicating a hike of 323%.</li>
</ul>
<h2><strong>Past Performance of NEO</strong></h2>
The 65% downfall in the previous couple of months took support at $9.50 to start a bullish reversal with a higher low formation streak. The reversal formed a support trendline and gave rise to an ascending triangle pattern in the daily chart. However, the reversal rally failed to surpass the 50-day EMA resulting in a downfall under the support trendline.

<img src="https://s3.tradingview.com/snapshots/g/G6SI2itM.png" alt="TradingView Chart" />

<strong>Source-</strong> <a href="https://www.tradingview.com/x/G6SI2itM/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>NEO Technical Analysis</h2>
<a href="https://www.cryptoknowmics.com/news/neo-technical-analysis-ascending-trendline-attempts-13-breakout/">NEO</a> prices crack under the support trendline with a downfall of 4.56% on 11th June, followed by a retest on Sunday. However, the sellers quickly take back the control resulting in a bearish candle of 13.40% at press time. The crucial Exponential Moving Averages - 50, 100, and 200-days maintain a bearish alignment with the 50-day EMA acting as a bearish spark plug. The <strong>MACD and signal lines</strong> fail to sustain the bullish spread resulting in a high possibility of a bearish crossover. And the <strong>RSI indicator</strong> shows a high supply zone near the halfway line as the uptrend fails to surpass it despite multiple attempts.

Hence, the technical indicators display a rise in selling pressure, driving prices under $10. In a nutshell, the NEO technical analysis forecasts a high possibility of a correction phase driving the prices under $8.
<h2>Upcoming Trend</h2>
If the selling spree continues throughout the day, the bearish candle will close under $10 and reach the $8 support level by tomorrow. Moreover, the breakdown of the $8 level will drive the death spiral to $6.85.

<strong>Resistance Levels:</strong> $12 and $13.5

<strong>Support Levels:</strong> $8 and $6.85

NEO Technical Analysis: Failed Triangle Pushes Downtrend Under $10

NEO technical analysis shows the surge in selling pressure with the bearish clouds all over the crypto market forcing a selling spree in NEO.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

NEO Technical Analysis: Failed Triangle Pushes Downtrend Under $10

Top Picks