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NEO price analysis: NEO/USD surges to reach the $27.40 mark

NEO

TL;DR Breakdown

  • NEO price analysis appears to be bearish.
  • The strongest resistance is present at $30.
  • The strongest support is present at $25.

NEO price analysis has revealed the cryptocurrencys’ market to have bearish momentum with strong bullish opportunities because of the way the price has suddenly surged. The NEO/USD price recently suffered a huge decline just before the New Year on December 31, 2021, and The price went from $26 to $24 in no time. The next day the price suddenly obtained an upward movement and went from $24 to $26.5 on the same day. The next day On January 2, 2022, the price rose again and went to $27.2, which is the current price of NEO.

NEO/USD 4-hour price chart: Market in a breakout

The NEO price analysis reveals the volatility of the market to be following an inclining trend, meaning that the price of NEO/USD is becoming more prone to experience variable change. The upper limit of the Bollinger’s band is present at $27.12, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $25, which serves as the strongest support.

The NEO/USD price appears to be crossing over the upper limit of the Bollinger’s band, signifying a breakout happening in the market. This may imply that a reverse trend is probable.

The NEO/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish movement. The trend of the market has just recently shifted, and it seems that this is going to be a good start to the year for NEO.

NEO price analysis: NEO/USD surges to reach the $27.40 mark 1
NEO/USD 4-hour price chart source: Trading view

The Relative Strength Index (RSI) is 57, signifying a stable value for NEO. This means that the cryptocurrency shows no sign of moving towards the overbought lot or the undervalued lot. However, the RSI path can be seen following an upwards movement indicating that the cryptocurrency will experience increased value but may also enter the overbought category, which will result in a reverse trend.

NEO price analysis for 1-day: Positive trend shift highly likely

The NEO price analysis indicates that the market’s volatility appears to be following a dormant trend, meaning that the market shows no signal towards increasing or decreasing volatility. This will result in a more stable price for NEO. The upper limit of the Bollinger’s band is present at $30, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $24, which serves as the strongest support.

The NEO/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish movement. However, the price path can be seen following an upwards movement which may indicate a future reverse trend for NEO.

NEO price analysis: NEO/USD surges to reach the $27.40 mark 2
NEO/USD 1-day price chart source: Trading view

The Relative Strength Index (RSI) is 43, signifying a stable value for NEO. This means that the cryptocurrency shows no sign of moving towards the overbought class or the undervalued category. However, the RSI path can be seen following an upwards movement indicating that the cryptocurrency will experience increased value, which will result in a reverse trend, and the bulls will reclaim the market.

NEO Price Analysis Conclusion: Bears reign coming to an end

The conclusion of the NEO price analysis shows that the recognition made in the current behavior of the cryptocurrency indicates that it is following a wobbly downwards trend with the possibility of going uphill very soon. NEO/USD climbed with fatigue at the $27.40 mark; the price reached $27.22 on January 2, 2022.

Chart analysis shows bearish dynamics with possibilities of turning bullish soon. It is predicted that NEO may quickly enter the $27.40 mark range, but this depends on the volatility of the support; if current support fluctuates, we could see a drop in prices up to $24.80.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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