NEO in a Tight $2 Bear Flag after a 28% Pullback from April 2022 Highs
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Past Performance
The NEO price is relatively steady at spot rates, and the coin is under the grip of sellers. In the past 24 hours, it is up roughly two percent but in the red in the previous trading week. The daily chart reveals that NEO's immediate support lies at around $19, with resistance at $21.
NEO Technical Analysis
Overall, sellers are in control from a volume analysis perspective. Specifically, prices are inside a tight $2 bear flag with identifiable caps at $21 on the upper hand and $19 on the lower end.
As long as prices are inside the April 11 bear bar, aggressive bears may unload on pullbacks in anticipation of more losses below Q1 2022 lows.
Notably, NEO has resistance at the 78.6 percent Fibonacci retracement level of the first half of April, pointing to strong selling pressure. As such, losses below the bear flag and $19 may accelerate the drop towards $19. On the flip side, a high volume close above $21 may see NEO rally to $30.
What to Expect from NEO?
The coin remains under pressure. However, if bulls wade off bears and break above $21, the coin could float to April 2022 highs.