NEO price analysis: Bears designate price to follow a new route below $44.3

NEO price analysis Bears designate price to follow a new route below

TL;DR Breakdown

  • NEO price analysis shows the cryptocurrency is going through a major loss.
  • Price has gone to $42.53 of level.
  • Support level at $44.3 has been surpassed.

The latest NEO price analysis is going in the bearish direction today as well. The bears have had a strong grip over the market since the past week, and they have been in power today as well. The bearish force has been unstoppable and overwhelming for the buyers and the price has been leveling down constantly. Right now, the price is present at the $42.53 edge and is expected to fall even further.

NEO/USD 1-day price chart: Bears still controlling the price flow phenomenally

The bears have been continuously ruling during the entire week, and the trend has not been different for today as well. There have been certain moments where the bulls tried to make some space for settlement but failed. But the bears have been consistently fighting and have drawn the price levels below $42 as well. The moving average (MA), on the opposite, is quite far above the price levels as it is present at the $49.4 threshold.

NEO price analysis: Bears designate price to follow a new route below $44.3 1
NEO/USD 1-day price chart. Source: TradingView

The volatility for the 1-day NEO/USD price chart is on the increase which should be taken as an alarming signal for the future. The Bollinger band indicator is extremely vital in predicting the upcoming trends, and their upper band is at $63.10 and lower band at $41.50. The Relative Strength Index (RSI) score is also sliding down and has reached 38.

NEO price analysis: Massive drop results in price backsliding down to its last edge

The 4-hours NEO price analysis is showing extremely disappointing results for the buyers as the price has been undergoing constant devaluation. The price has now crossed the $44.3 bridge as well which was considered to be quite strong as a support level. The price is now found under the $42 limit and is soon to fall even lower than its current level. As the bearish momentum has been quite huge, the moving average in comparison is at a better place i.e. at $47.17.

NEO price analysis: Bears designate price to follow a new route below $44.3 2
NEO/USD 4-hours price chart. Source: TradingView

The upper band of the Bollinger bands is situated at $53 whereas its lower band is present at $44.3. The average value of the Bollinger bands is now $45.5 as the volatility is drastically increasing. The RSI score has gone below the under-sold limit i.e. 30 and is now showing the value of 23.54.

NEO price analysis: Bears designate price to follow a new route below $44.3 3
NEO/USD technical indicators chart. Source: TradingView

The bearish momentum has been controlling the market which is why the technical indicators chart is also giving a strong selling signal. There are 17 indicators standing at the selling point with no indicator on the buying and nine at the neutral point.

The moving averages indicators are predicting the same as the market has been undergoing loss for the past few weeks. There are 14 indicators settled at the selling position, with one at neutral and none at the buying position. The Oscillators are giving bearish signals as well and there are eight oscillators standing at the neutral point, three at the selling, and zero at the buying point.

NEO price analysis conclusion

The given one day and four hours NEO price analysis is confirming that the chances are standing high for further decline. The bears have been leading continuously and this trend is to follow in the coming time period as well. The price is situated in the danger zone and has receded past its support level at $44.3 as well. Currently, the price is at the $42.53 level and further decline is highly expected.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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