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NEO price analysis: Bears designate price to follow a new route below $52

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

TL;DR Breakdown

  • NEO price analysis shows a bearish trend.
  • Price has gone to $51.13 of level.
  • Support is present at $49.7.

The latest NEO price analysis is going in a bearish direction today. The bulls have had a strong grip over the market since the past week, but today the bears are in power as they have taken over the market. 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 $51.13 edge, but bullish efforts are also being observed recently.

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

The bears are ruling the charts today as the price shows depreciation. There have been certain moments where the bulls tried to make some space for settlement but have not overpowered the bears yet. But the bears have been consistently fighting and have drawn the price levels below $52. The moving average (MA), on the opposite, is quite far below the price level as it is present at the $47.8 threshold.

NEO price analysis: Bears designate price to follow a new route below $52 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 $51.57 and lower band at $39.3. The Relative Strength Index (RSI) score is also sliding down and has reached index 63.

NEO price analysis: Recent developments and further technical indications

The 4-hours NEO price analysis is showing extremely disappointing results, as the price dropped drastically during the first four hours today. But some bullish efforts have also emerged as a green candlestick can be seen on the charts, but the last candlestick is blinking in red and green, indicating strong competition between the bulls and bears. The price is now found at the $51 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 $51.57.

NEO price analysis: Bears designate price to follow a new route below $52 2
NEO/USD 4-hours price chart. Source: TradingView

The upper band of the Bollinger bands is situated at $54, whereas its lower band is present at $43.8. The average value of the Bollinger bands is now $49 as the volatility is drastically increasing. The RSI score has gone below the over-sold limit, i.e., 70, and is now showing the value of 63.

The bullish momentum has been controlling the market, which is why the technical indicators chart is still giving a buy signal. There are five indicators standing at the selling point, with 13 indicators on the buying and eight at the neutral point.

The moving averages indicators are predicting the same as the market has been bullish for the past few weeks. There are 12 indicators settled at the selling position, with one at neutral and two indicators at the buying position. The Oscillators are giving bearish signals as there are seven oscillators standing at the neutral point, three at the selling, and one at the buying point.

NEO price analysis conclusion

The given one day and four hours NEO price analysis confirm 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. But on the other hand, bullish efforts are also observed, and bulls may not allow further decline. Currently, the price is at $51.08, and we expect it to be maintained above the $50 psychological mark today.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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