NEO price drops below $10

NEO price drops below $10
Written by:
Ali Raza
3rd July, 12:38
  • NEO has grown a lot in January and February 2020, although this growth was then canceled in March.
  • The COVID-19-caused crash brought the coin to a yearly low, from which it took months to recover.
  • After the recovery, the NEO price got rejected after trying to breach $12 for the third time in 2020.
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NEO, once called the Chinese Ethereum, has not been in the center of attention for quite a while. Even so, as far as its price is concerned, the coin has seen a decent performance this year.

Unfortunately, the last month has nullified the token’s latest price surge, although NEO is still far from giving up.

NEO in 2020

Neo (NEO) price certainly wasn’t wasting any time in 2020. The coin started surging as soon as the year started, and by January 19th, its price hit one of its major resistances, at $12.

This is considerable growth, seeing as the coin started its journey with a price of only $8. But, the resistance at $12 was strong, and it rejected the price, which was held by a support at $10.

NEO then saw another surge in late January and early February, only this one took it a lot higher — all the way up to $16. The coin has doubled the price it had only a month and a half earlier, and it hit its 2020 high on February 14th, reaching $15.44 in the process.

After this achievement, the coin saw another drop, and this one once again took it to its support at $10. NEO launched one last price surge, reaching its resistance at $12 for the first time, and that is when the mid-March crash took place.

NEO grows continuously after March 2020

Following the price reduction on March 12th, caused due to the crypto market’s correlation with the stock market, the crypto industry saw around two and a half months of slow recovery.

During the price crash, NEO dropped to its YTD low, hitting $5.12 on March 16th. After that, the coin started growing rather quickly. Its price climbed to $6.7 by March 21st. After that, it struggled for a few weeks in April, as it attempted to breach a resistance at $8. Finally, it went above this level on April 24th, and it kept growing until June 2nd, when it attempted to breach a resistance at $12.

Unfortunately, this level proved to be rather strong, and NEO saw a price rejection that knocked it down to a support at $10. At the time of writing,  the coin’s price is just before this level, sitting at $9.97, after a 1.39% drop.

This still doesn’t mean that the support has cracked, however, and NEO could bounce back up. In other words, anyone who wishes to buy NEO has an opportunity to do so right now, as the price is low.

There is no guarantee that the price WILL grow back up, however, but so far, NEO has been showing the will to grow whenever the market allowed it, so there is a chance that it will climb back up and make an attempt to breach $12 once again.

Conclusion

NEO has had strong growth in the first two months of the year, and a steady recovery after the March price crash. The coin seems to be heading towards the price of $12, regardless of whether it sits above or beyond this level.

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