Neo (NEO) Partly Recovers its Overnight Price Plunge
Neo price has been witnessing a volatile trend for the last one week. It has initiated this week on a very bearish note as the market has seen a decline lately.
The crypto market has seen a major bearish blow over the last 24 hours. Since today’s daybreak, the NEO price is trying to get back to the upward momentum. Meanwhile, Bitcoin, which was supposed to lead the bull run this time, has shrunken to $8700 with a very negative bias.
The coin was supposed to target the $12 price mark, is now struggling to climb above $10. While its price trend is moving sluggishly, it has grabbed the attention of the crypto community with a recent collaboration.
Neo has joined hands with FLETA to work on blockchain-based use cases. As FLETA has inked a partnership with Neo, it aims to expand out of South Korea. This partnership may help the coin to gain some traction in the space. Increased engagement with the coin is likely to contribute to its price trend.
NEO Price Analysis
The altcoin has depicted a very slow-paced price recovery here. Neo price has still not touched the $10 mark after the fall as it faced rejection at $9.9. The currency is now just below the 23.60% fib level with a negative bias.
NEO, at present, is looking for a strong rebound at $2.79. Support levels have taken place around $9.7 to $9.6, while key resistance remains above $10.
The recovery of the loss of valuation of more than 6% has not even reached halfway here, which shows a clear presence of bears. The lowest price point for the last 24 hours stands at $9.63.
The technical indicators are operating on a very bearish note. The MACD chart is heading towards a bearish crossover while the NEO price is well below the 200-day EMA line.