TL; DR Breakdown
- Neo price analysis shows bullish signs.
- NEO/USD pair trades in an upward triangle with bullish momentum.
- Neo traders are undergoing an accumulation phase below $65
Neo price analysis: General overview
Towards the closure of the Daily Neo price analysis, NEO/USD pair traded in a bearish trend. However, When today’s price analysis began, things changed. The bull took control of the market, overturning the bear trend that had dominated the Neo market. The bulls pushed the prices in a flag trend before facing stiff resistance from the sellers who had consolidated their strength to fight the mighty bulls.
The NEO/USD pair has been trading in head and shoulder trends, causing the prices to surge and fall severally, forming head and shoulder trends. Bulls got solid support at $63.7; this support aided the bulls to have a continuous bullish trend to the intraday $65, where the bears had created a strong resistance for the buyers not to break through as per Neo price analysis.
Neo price movement in the last 24 hours: Bulls control NEO/USD market
NEO/USD pair has generally been trading in bullish momentum. With the green candlesticks outnumbering the red candlesticks. The Bollinger band is wide in most trading sessions meaning that the NEO/USD pair has had higher volatility. NEO/USD price seems close to the upper Bollinger band, implying that more buyers are entering the market than the sellers hence the bullish trend.
In the last 24 hours, NEO/USD’s total trading volumes are at $498.6 while the total market capitalisation is $4.2 billion, making the coin ranked number 43 in the overall market.
Most of the cryptocurrencies are trading on bullish trends, suggested by the crypto heat map, as the green bars occupy most of the cryptocurrency heat map.
The largest digital asset, Bitcoin, has reached the $50 mark it was anticipating during the early trading hours. The second-largest digital asset, Ether, is trading on a bullish trend, hoping to reach its $4K target in the subsequent trading sessions. The Binance coin is bullishly trading on the maps recording a 1 percent price increase. NEO/USD pair is also trading in a positive trend. Current Neo price analysis shows that the NEO/USD is currently trading at $62.6.
NEO/USD 4-hour price analysis chart: Bulls overwhelms the bears
The BoP indicator is nearing one, meaning the bulls have more strength as compared to the bears. The bulls’ pressure will continue triggering a bullish trend if bears do not gather in numbers to alter the bullish trend.
The Relative Strength Indicator is in the neutral zone; however, it shows a possibility of the coin’s price advancing towards the overbought region. Buyers will have to be keen enough not to let the bulls go past 69.
If it enters the overbought region, the bull market will trigger a strong bullish momentum that will be hard to alter.
Neo price analysis: Conclusion
The MCD line has crossed over the red signal line several in the last trading hour; This signals a bull momentum. The green bars on the MACD histogram outnumber the red bars, indicating a possible daily bull price hike.
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