NEO/USD Struggles to Shake Off Downward Forces

The NEO/USD price action has been trying to shake off the bearish effect of the SEC. This started after price action piped below the support level at $7.75. It subsequently failed in the previous trading session, while today’s session seems to have offered minimal price upside retracements toward the broken support at the $7.75 price level.

NEO Statistics
NEO Value Now: $7.61
NEO Market Cap: $541M
NEO Circulating Supply: 70,538,831 NEO
NEO Total Supply: 100,000,000 NEO
NEO CoinMarketCap Ranking: 63

Major Price Levels:
Top: $7.61, $7.91, and $8.40
Base: $7.50, $7.20, and $7.00

Buyers in the NEO/USD Market Continue to Resisting Headwind

The ongoing session in the NEO/USD daily mark continues to witness a headwind, and price movements continue to make lower lows. However, the latest session has continued to show buyers resilience in abetting the headwind and retracing higher price marks. Here, the last price candle has placed the price of this crypto at $7.61. Furthermore, the Moving Average Convergence Divergence (MACD) indicator is reflecting the buyers’ effort to break the downward retracement in this market. This can be seen as the histogram bars on it are now pale red. Also, with careful observation of the lines of this indicator, one can notice a gradual but slow change in the direction of the lines. This is showing the effort made towards preventing further downward retracement in this market at least.

NEO Buyers Retain Profits and Look Set to Gather More

The NEO/USD 4-hour market shows that buyers are still able to hold on to part of the recently gathered gains in this market. This can be seen as the current trading session has incurred more significant losses than the recent profits in this market. Despite that, the Relative Strength Index (RSI) keeps indicating that upside momentum is still rising in this market. This can be perceived as an upside crossover, as seen on the indicator above the 55 levels of the indicator. Also, the lines of this indicator can be seen rising steeply toward the 80 levels of the indicator (overbought region). Although price action stays below the 9- and 21-day Moving Average curves, the RSI’s indications suggest that price action may regain support above the $7.78 price level.

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