Like any other altcoin of the market, NEO is seen pulling back, but we cannot ignore the fact that it is one of the lucrative investments and is ranked amongst the top 25 coins of the market. This smart contract platform is aimed at drawing enterprise solutions with the help of a blockchain network. Ankr, a web three infrastructure for All, recently joined hands with NEO blockchain full node, which can have an extended use to access the network and perform on-chain data analytics.
— Ankr (@ankr) October 26, 2020
NEO’s price dynamics are not favoring the platform’s dynamics as the reclaims to 2-month support around $15.
NEO Price Analysis
At the press time, NEO price was seen trading at $15.68 after a complete bearish candlewick pattern against the US Dollar. Alongside this, the currency is confirming the bearish crossover as the price trend of NEO/USD breaches the lower Bollinger Band on the daily chart.
NEO coin price pulled back gradually from the YTD high marked at $25 and has lost around 40% in 6 weeks from the YTD high marked in the mid of the previous month. In this regard, the price fails to hold support from 50-day daily MA, lost after having slid from $20, and is likely to approach and test 200-day MA at $13 if it dips any further.
Due to the intraday fall in the NEO price, the MACD chart is now drawing a slight bearish crossover as the signal line took over the MACD line, and the RSI is also inclined towards the support, lies at 35.46.