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NEO Price Analysis: NEO price could drop below $40

NEO/USD is currently bearish, dropping below crucial support at $41 and could hit its 30-day low if the bears continue to control the market

Neo could see a fresh decline towards $38 if the bears continue to control the market. The bulls are finding it hard to take NEO above the 100-day simple moving average on the 4-hour chart. Further declines could extend towards the $38 mark if the market continues this bearish trend.

Bitcoin’s performance usually affects the general market, and Neo could see added volatility if Bitcoin weakens and dips to the $50k support levels. Bitcoin failed to stay above support at $55,000 over the past 24 hours, and it is now trading at $53,575 per coin.

NEO price outlook

Bears have been controlling the market over the past 24 hours and might be looking to cause further damages. The technical outlook for NEO/USD on the 4-hour chart suggests that the cryptocurrency might dip below $40 soon. The 4-hour RSI currently stands at a neutral point of 38 while its current price is slightly below the 100-day simple moving average on the 4-hour chart.

NEO/USD 4-hour chart. Source: Coinalyze

If NEO/USD dips below $40, then the next support level is found at $37. However, if the bulls take control and keep the price above $40, it could support an immediate breakout above the 100 SMA. At the time of this report, NEO is priced at $41.03, down by 5.1% over the past 24 hours but remains above the support trend line.

If the price rallies above $42, bulls can establish strong support above $43, allowing them to retest the resistance level near $45. Another rally could follow, and NEO might attempt to reach the yearly high of $51, achieved on 21 February 2021.

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