NEO Coin Price Analysis: Neo Coin is trading at a long-term support zone which could be a crucial turning point
NEO Coin Price has been on a declining trend for several months now
The coin has reached a crucial long-term support zone
The coin has formed a triple bottom (bullish pattern) on the hourly chart
NEO Coin Price has formed a declining pattern on the daily chart. The coin also has failed the support level at $ 25, which was earlier tested during April and then again between July and August. The coin has formed a downward sloping support line for support and looks to continue to use it as support. The coin has next major support at $ 12.00. The 20/50/100 day Moving Average had a bearish crossover last month and since then the coin has been on a downward trend. The Moving Averages are diverging hinting at a continuance of the downward pattern.
NEO Coin Price has been trading in a downward sloping parallel channel over the last several hours. The coin was trading in a range between $ 28 and $ 25 for a few days before breaking the $ 25 support to trade between the current zone of $ 25 and $ 22.50. The coin has formed a triple bottom in the channel and the coin’s behavior at the resistance zone is crucial for any directional change. The coin touched a peak of over $ 30 during the last couple of weeks before it fell to the price it is trading currently at.
The coin is trading at a long-term support zone and hence the price action at this juncture is crucial for the coin’s future direction. The coin has formed a triple bottom on the hourly chart, and the coin had formed a bearish crossover on the daily chart. Traders can keep an eye on the crucial support zone and place their trades accordingly.
Support: $ 22.50
Resistance: $ 28