The NEO price is bouncing from an important level of support. But does this really offer a glimmer of hope for Neo bulls, or will it result in failure? NEO is trading at $34.19, higher by $0.1588 (+0.55%) China's earliest public blockchain Neo is no new kid on the block. The project, originally named Antshares, has been around since 2014. Although it wasn't until it rebranded to Neo in 2017 that things got interesting. Like many of the first generation cryptocurrencies, the NEO coin set an all-time high in January 2018. However, even during the euphoric rally earlier this year, it could not scale the $206.76 record from 3 years earlier. After topping out at $146.83 on the 7th of May, the NEO coin has succumbed to the weakness engulfing the broader market for the last 2 months. This led to a June 22nd low of $25.65, a loss of 82% from 2021's peak valuation. Currently, Neo ranks as the 40th largest crypto and has a market cap of around $2.4 billion, compared to $12 billion+ in 2018 and around $8.4 billion in May. Like many of its peers, NEO recovered from the late June low, adding more than 53% by the 7th of July. However, the coin has mirrored the general market weakness over the past 2 days and failed to hold on to the gains. However, this morning, the price has found some support and should it result in a positive day of trading, there may be signs that for the moment, at least, the worst is behind Neo. NEO Technical analysis The daily chart shows that NEO is currently below three important moving averages (50,100, and 200-day), highlighting the negative sentiment. Moreover, the 50 DMA at $45.43 is beneath the 100 and 200 averages at $66.06 and $48.70, respectively. This further reinforces the bearish momentum. Additionally, this dip's distinct lack of volume suggests that buyers are not keen on accumulating NEO, even at this reduced valuation. Having said that, the price is finding support around the February low, sub $32.00. And should Neo post a positive close today, the test of support would be considered successful. This could then form a base for the price to extend towards the independence day $38.98 high. A failure to sustain the $32.00 level could prove worrying for the bulls and likely force the price back towards the 22nd of June $25.65 low. For now, I remain hopeful as long as the price holds $32.00. Of course, that will depend on what happens over the weekend. The crypto market of late seems to have more movement between Friday afternoon and Monday morning than between Monday morning and Friday afternoon. I hope this Friday afternoon to Monday morning is favourable for the Neo price for the sake of the bulls. Don\u2019t miss a beat! Follow us on Telegram and Twitter. NEO price chart (Daily) Follow Elliott on Twitter.