NEO drops 22% from March 2022 Highs, May retest $14

NEO is retracing from March 2022 peaks, losing 22 percent. In a cool-off, the coin may drop towards the $16 to $18 support zone, which flashes with a crucial Fibonacci retracement level. Past Performance NEO is down 22 percent from March 2022 peaks at spot rates. In a bear breakout formation, evident in the daily chart, the coin is under intense selling pressure. So far, bears have reversed gains posted in the last weeks of Q1 2022. NEO Technical Analysis As per the candlestick arrangement in the daily chart, the path of least resistance is southwards. Notably, NEO is dropping from March 2022 at the back of high trading volumes pointing to sellers. The April 6 bear candlestick, for instance, was wide-ranging. Besides, it had high trading volumes, suggesting support from bears. As such, aggressive traders can search for selling opportunities on every pullback towards the 20-day moving average and $26. Going forward, the immediate bear target will be $16—flashing with March 2022 lows. What to Expect from NEO? Sellers are squarely in control at spot rates. From the daily chart, the coin is at around the 50 percent Fibonacci retracement level of the Q1 2022 trade range. While it may find support resulting in a sideways movement, the coin may drop to the 78.6 percent Fibonacci level at around $18.The post NEO drops 22% from March 2022 Highs, May retest $14 first appeared on Cryptoknowmics-Crypto News and Media Platform.The post NEO...