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The NEOUSDT market has experienced a movement of 6.82%, with the token breaking through the resistance formed by the 38.20 Fibonacci Retracement level. However, at this point, the market seems to be facing a downward correction. Will this change the market trend? Let’s find out.
Key NEO Statistics:
Current Basic NEO Value: $12.27
NEO Market Cap: $866,811,556
NEO Circulating Supply: 70,538,831 NEO
Total Supply of NEO: 100,000,000 NEO
NEO CoinMarketCap Ranking: 64
Key Price Levels:
Resistance: $12.27, $13.00, and $14.00
Support: $12.00, $11.00, and $10.00.
NEOUSDT Retains Upside Propensity Despite Hitting a Brick Wall
On the daily market, NEOUSDT price activities have seen some downward correction, visible through the long upper shadow of the price candle representing the ongoing session. Despite this, the token continues to trade above the highest limit of the Bollinger Bands indicator.
Simultaneously, the Relative Strength Index (RSI) indicator lines are rising upward, still in the overbought region. While the leading line of the RSI shows a minimal correction off its steep upside trajectory to a slightly sideways one, a bearish crossover on the RSI indicator seems unlikely.
NEO’s Downward Rejection Becomes Clear
Moving to the NEO 4-hour market timeframe, a moderately sized red price candle appeared on the price chart after the price actio’sn pushed through the upper limit of the Bollinger Bands. Despite the considerable downward correction, it aligns with the rule of the Bollinger Bands indicator.
Neo continues above the middle limit of the Bollinger Bands indicator. Regarding the moderate downward correction, the bar that has appeared above the equilibrium level of the Moving Average Convergence Divergence (MACD) indicator is now pale green. Nevertheless, upside forces still have a fighting chance in this market. Therefore, traders can target the $13.20 mark, but a solid exit plan should be prepared should the market go sideways.
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