The Neo price analysis reveals that NEO/USD is trading in a bearish trend as the bulls have been unable to break through the resistance at $10.96. Neo opened the trading day on a bullish sign but soon lost ground and slipped below $10.00. Currently, NEO/USD is trading at $9.40, with a loss of 12.15% in the last 24 hours.
The technical analysis indicates that the support for NEO/USD is at $9.21, while the resistance is at $10.96. If bears are able to break below $9.21, then further losses can be expected, and the next support level will be at $8.00. The bearish sentiment appears to have been caused by a general market sell-off, as most major cryptocurrencies are now in the red.
Neo price analysis 1-day chart: NEO on the downtrend again as bears intervene
The daily chart for Neo price analysis shows that the NEO/USD pair has been trading between the range of $9.21 and $10.96 for the past 24 hours, which is a tight trading range. The bearish trend appears to be very strong, as buyers have been unable to break through the resistance at $10.96. The bulls tried to uplift the price yesterday, but bears have successfully been able to tackle their momentum and have once again secured their winning position.
Looking at the technical indicators, the current price is below the moving average at 11.238, which is a bearish sign. The MACD is also exhibiting bearish signs as the histogram has started to dip. The relative strength index (RSI) has also been on a downward trajectory and is currently at 40.05, which suggests that bears are dominating the market. The 20-SMA and 200-EMA are both trending downwards, indicating that the bearish sentiment is likely to continue in the near future.
Neo price analysis 4-hour chart: Recent developments and further technical indications
The hourly chart for Neo price analysis shows that the bears are maintaining their lead quite impressively, as the price has undergone a decrease and is currently trading below $10.00. The immediate support is $9.21. It looks like bears are in control, and buyers need to make a significant effort in order to break through the strong resistance presented by the bears.
The hourly indicators show that the MACD indicator is currently in a bearish zone, with the MACD line below the signal line. The RSI is also in a bearish zone, with a value of only 21.28. This suggests that bears are firmly in control of the market, and buyers need to make an effort if they want to turn the tide in their favor. The moving average (MA) value is 10.032.
Neo price analysis conclusion
In conclusion, Both daily and 4-hour charts for Neo price analysis indicate a bearish trend. Buyers have been unable to break through the resistance at $10.96, and bears have maintained their lead quite impressively. The technical indicators also suggest that the bearish trend is still intact, and buyers may need to make more effort in order to achieve any upward momentum.
