The NEO price stayed near the 100-day EMA mark and slipped below the lower trendline, supporting the $17 mark.
The token traded in a downtrend for weeks, revealing a follow-on selloff. Sellers are eyeing to breach the 200-day EMA mark and looking for a significant fall ahead.
A break and close above the $17 mark would validate the possible up move and might stretch the gains ahead.
At press time, the NEO token price traded at $15.36 with an intraday gain of 1.01%, reflecting neutrality on the charts. It has a monthly return ratio of -15.30% and 55.30% yearly.
The pair of NEO/BTC is at 0.000221 BTC, and the market cap is $1.08 Billion. Analysts are neutral and suggest that the NEO token price may replicate a volatile trend and will retest the $10 mark ahead.
NEO Price Action and Projections
The daily charts of the NEO token reveal a head and shoulders pattern and demonstrate seller dominance on the charts.
The token has revealed a consistent down move, dropping over 20% last month. Meanwhile, the token reached the 200-day EMA mark, which is the make-or-break zone for the bulls.
Source: Santiment
The token depicts a drop in the trading volume over 49.28% to $40.09 million and has a total supply of 100 million. However, the token has a volume-to-market cap ratio of 0.0369.
The Momentum indicator (RSI) curve reveals a negative divergence and hovers near the midline region.
Moreover, the MACD indicator showed red bars on the histogram, revealing a bearish crossover on the charts.
Price Volatility and Weighted Sentiment Data Remained Flat
Amidst the notable price spike of over 1.20%, the price volatility remained flat and signifies low selloff volume.
Source: Santiment
The Weighted sentiment data articulates flat moves, noting around -0.27, revealing a negative outlook.
Futures OI Data Outlook
This week, amidst the decent price up move, the derivative data signifies fresh long additions and displays long buildup activity.
Source: coinglass
The Open interest spiked over 6.23% to $27.90 million in the last 24 hrs, revealing the possible up move in the upcoming sessions.
Analysts guided a possible buying opportunity, as the token trades inside a falling wedge pattern and might attain buying momentum ahead.
#NEO 📉💰
Explore potential buying opportunities as #NEO trades within a falling wedge pattern! 🎯 #Crypto #Altcoins pic.twitter.com/8hqSwOc7Hz
— CryptoKeep (@CryptoKeep100) May 25, 2024
Source: Twitter
Conclusion
The NEO token price hovers near the 200-day EMA mark and might showcase up move ahead. If the token succeeds in holding the $15 mark, it may rebound back to the upside zone of $20 soon.
