NEO Price Analysis: Anniversary Celebrations Cut Short, NEO Down By 5%. Friday, October 19th
Anniversary Celebrations Cut Short, NEO Down By 5%,
Just two days ago, October 17, NEO celebrated its 2-year anniversary since it launched its Mainnet. The project went ahead to celebrate the occasion by announcing a new partnership with Arqit. Now, although the project has a lot to celebrate in achievements over the past two years, the same is not being reflected on the market.
Although the coin is ranked 15th in the crypto market, the past three months have been telling a different story. How?
Well, while we thought that the anniversary celebrations would be seeing the coin’s position soar for the next couple of days, this has been cut short. The coin today, October 19, has dropped by over 5% in the last 24 hours and at the time of press is trading at $16.29, down by 5.79%. This follows a price surge on October 17 that saw the coin soar as high as $17.45.
This drop is the latest drop following the dramatic drop on October 11 which saw the coin plummet from $18.07 to $15.58. For NEO holders this is a pain they know all too well. For the last couple of months- 3 months in particular- NEO has been losing its position and falling. On July 19, the coin was trading at $37.56 and the three months have seen it continue to drop to what is now just little over $16. For some time in August, the coin dropped as low as $14.62.
Looking through the charts, during the three months, any attempt of recovery by the bulls has been stopped short by the bears and is followed by a plummet. This shows that the bears are in control of the position of the coin and the bulls will have to pull off an incredible performance to take back the market.
To trigger positive momentum, the project will have to strike a major partnership deal or hit a major milestone on its projects. This will not be all but then the bulls will have to pull up the prices and defend its high position.
For the past 3 months the coin has been unable to break the $24.67 resistance level and has found $14.62 as its support level, these are numbers that the bulls have to push higher if the coin is to continue being popular in the market.
NEO/USD Price Chart, Friday October 19th:
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