The post NEO Price Struggles At $10: Can NEO Bulls Flip The Resistance? appeared on BitcoinEthereumNews.com.

As Bitcoin (BTC) picked up pace, NEO price is holding its own, trying to regain the shine. NEO bottomed out near the $8.50 mark with a double bottom pattern. Trading in a consistent downtrend, NEO is sailing below the key moving averages, reflecting significant selling pressure. Since it marked a 52-week high near $24 in April 2024, it is 60% below that mark today. NEO Price Analysis: Will the Bullish Reversal Triggers? The daily chart shows a consistent selloff and the token meets the lowest region $8 mark last week. It marked a 52-week low at $7.32 and plotted a hammer candlestick. Afterward, the token began to accumulate and exhibited a bullish reversal from there. Still the overhead trendline barrier acted as a hurdle and the token struggled to surpass it. At press time, NEO was trading at $10.01, noting a rise of over 5.89% in the last 24 hours. With the trading volume surging over 34.21%, investors could be looking for a significant bullish opportunity. Near the $12 mark, a bearish crossover was observed as sellers aggressively made short positions. This impacted the token’s price action as a significant price fall was noted. The RSI for NEO stood at 46, indicating a neutral price action with low buying momentum. This value suggested that there is a balance between the buyers and sellers, and the price could consolidate in a closed range ahead. @TradeNomadic on X, noted that NEO made a double bottom around the $8.50. The token could be smash the $10 mark per the analyst. Similarly, the Bollinger Bands converged, signaling a decrease in volatility. While, the On-Balance Volume (OBV) showed a flat line, conveying sustained selling pressure in the past. Since last month, the development activity data was moving upward and stayed on a positive note, which…

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Filed under: News - @ August 16, 2024 2:12 am