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  • Neo price of $15 could be a great buying opportunity for the bulls.
  • The bulls are defending a critical support level, which could be essential for the recovery.

Neo is currently trading at $16.21 after a significant 27% decline from the high at $21.82. The entire cryptocurrency market plummeted in the past 24 hours, and altcoins suffered the most. However, it seems that is close to bottoming and ready for a potential recovery.

Neo price needs to hold a critical support level

On the daily chart, NEO price stopped at $15.80, which is right at the 50-SMA support level. Additionally, there is a long-term support trendline that was formed back in March, and it’s still holding.

neo price

NEO/USD daily chart

It also seems that despite the decline in NEO price since September 18, the MACD has just turned bullish for the first time in months, adding a bit more buying pressure. Using the Fibonacci Retracement levels, we can find out potential price targets.

neo price

NEO/USD daily chart

It seems that $15 is a strong support level, which coincides with the 0.5 Fib level and the 200-SMA on the daily chart. A breakdown below the support at $16 where the 50-SMA is currently standing would quickly drive NEO price towards $15. A further breakdown below this critical level can push NEO towards the 0.618 Fib level at $12.29. 

On the other hand, as bulls have defended the long-term trendline and the 50-SMA on the daily chart so far, NEO could continue rebounding towards the 0.382 Fib level at $17.49, which is close to the 100-SMA on the daily chart.

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