Previous article NEO Price Analysis: NEO price could drop below $40 Next article Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Home Latest Cryptocurrency News NEO Price Analysis: NEO price could drop below $40 NEO Price Analysis: NEO price could drop below $40 By Hassan Maishera - min read Updated 21 March 2023 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. Share this article Categories Analysis Tags Bitcoin News NEO News