Along with most of the cryptocurrencies, NEO has also faced a tremendous downfall recently and has reverted to its support zone after reaching its high of $146.83. The coin has been moving in a downward trend since May, and though it uplifted to $68.06 at the beginning of September, it failed to ascend further.
The NEO coin has constantly been moving sideways in the past three months; however, it recently crossed the support line and descended further with the formation of bearish candles at a stretch. If the price continues to fall after breaking the recent low of $22.93, it may reach a minimum price level of $12.64.
In the daily chart, the MACD line being below the signal line is hinting a sell signal along with the red candles in the histogram chart. The Neo coin price has already fallen from $43 to $26 when the MACD shows a downwards sign. The RSI being ten, is already in its oversold zone and is moving at its lows. There has been an immense selling volume indicating that the bears favor the downward movement of coin price, and they may take the NEO price to its lows of $12.
In the weekly chart, the coin is moving in a downward pattern and is heading towards its deepest price level. The last three bearish candles being formed are in a downhill pattern with lower highs and lower lows. In the past four weeks, the price fell massively from its highs of $54 to its recent price of $26.
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