Is NEO coin showing signs of reversal?

Current Price

At the time of writing, NEO is being traded at a price of $36.65 with a decrease of 0.41% in the past 24 hours. NEO had achieved its all-time high at a price of almost $198.60 in April 2021. On coinmarketcap it is listed at 51st according to the market dominance and market cap. The daily trading volume has increased by almost 38.63%

Technical Analysis NEO

The price at the moment just like most of the coins is in a correction phase. It is currently in a bearish major and minor trend. Seeing the evidences by what the chart s telling, it is likely that a reversal might soon occur.

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Price on 19th May 2021 pushed heavily down doing actually most of the correction but this move is the origin by heavy selling originated by the possible triggering of heavy sell orders (maybe institutions exited) by seeing the footprints of imbalance and huge candle movement.

Technical Analysis NEO

This has given away a supply zone which is ranging from $92.30 to $84.31. After that the market tried pushing upside two time but it made double top and fell again. Now as being a retail pattern, there must have been liquidity to the upside that can be the target for future. Recently the move from double top has eventually ended in an imbalance zone which can bounce price to the upside. As its being in confluence with Fibo golden zone so it makes sense more.

Furthermore, within the imbalance zone, the market engineered liquidity and it got stop hunted / liquidity grab as well, so this must have took out early buyers.

Now the possible and more probability plan is that market might tap in the orderblock above and get some reaction and for long term it might go up and clear up that double top liquidity and eventually tap in daily order block and from there possible shorts will be preferred.

Now if this imbalance zone doesn’t hold so it is very likely that price will continue to mitigate the orderblock sitting at $27.08.

About NEO

NEO is known as the Chinese version of the Ethereum network. Constantly developing and growing, NEO aims to be the next generation of the internet. Initially known as AntShare the project was rebranded as NEO in February 2014. Unlike most blockchain NEO’s ecosystem has two native tokens. NEO that allows the governance votes to its holders and GAS that is used for the transaction fees.

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