NEO News

NEO Price Movement Turns Flattish After Hitting $8.6

NEO price movements in the past few weeks have been quite volatile. The currency dribbled to $4.2 after breaching a high of $16.7. The same recovered in the later weeks, and the price crossed $8 mark. Currently, the NEO coin holds bullish influence, but after hitting $8.6, it trades stably and might reflect a moderate correction in the upcoming days.

NEO Price Analysis

NEO Price News
NEO/USD Chart By TradingView

At the beginning of the ongoing year, the NEO price was trading at $8.81 with upside momentum. On January 13, 2020, the price spotted at $10. The uptrend remained intact, and over the next six days, the coin spotted at $12, and then, it faced moderate correction. The price dropped to $11 on January 22. After that, NEO managed to gather its momentum and started trading upwards, and by February 15, the price escalated as high as $16.73, which reshuffles the 90-days high. After this tremendous hike, the coin faced rejection, and the price dropped to $11. The month closed around the same level.

Further, in the next month, NEO reflected a moderate hike in the first week, but then, it faced a sharp decline, and the price dropped to $4.24 on March 12. This steep fall brought the price below the 52-week low. However, after that, the NEO coin started improving immediately after the same. The coin closed the month at $7.13. In April 2020, the price started with improvement, and by April 8, the coin touched $8. The following days took the price back to $7.10. Recently, NEO regained its price momentum back, and it touched $8.67.

The current price of NEO/USD holds support from SMA50 at $7.13, while its SMA200 trades above the current price at $9.67. The RSI is at $62.44. As per the current stable price movement, the currency might consolidate at this price level for some time, but later, it may reflect a correction. The possibility of a bearish trend in the upcoming period is ripe.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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