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Neo price analysis: NEO attempts to break the market at $23.64

NEO

TL;DR Breakdown

  • NEO price analysis appears to be bullish.
  • The strongest resistance is present at $23.6.
  • The strongest support is present at $21.

NEO price analysis has revealed the cryptocurrency market to have immense bullish momentum with strong potential for its conservation as the price attempts to break the resistance. For example, the NEO/USD price recently spiked to a huge incline on March 21, 2022, and The price went from $21 to $23 in no time. The next day the price continued an upward movement and went from $23.1 to $23.6 on the same day, On March 22, 2022.

NEO has been up 5.57% in the last 24-hours with a trading volume of $235,971,578. Neo currently ranks at #63, with a live market cap of $1,663,168,777.

NEO/USD 4-hour price analysis: Recent developments

The NEO price analysis reveals the market’s volatility 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 $23, which serves as the strongest resistance for NEO. Conversely, the lower limit of the Bollinger’s band is present at $21, which serves as the strongest support point for NEO.

The NEO/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish movement. The market trend has been bullish in the last couple of days, and the price attempts to break the resistance again. However, the bulls know better than pulling a stunt like that; it will make them lose control. Therefore, a reversal movement is improbable.

Neo price analysis: NEO attempts to break the market at $23.64 1
NEO/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 66, signifying a heavily inflated value for NEO. This means that the cryptocurrency falls in the overvaluation region. However, the RSI path can be seen following a linear movement indicating that the cryptocurrency value will remain constant around this threshold but might also dive deeper into the overbought category.

NEO price analysis for 1-day: NEO/USD attempts to retrace resistance

The NEO price analysis indicates that the market’s volatility appears to be following a declining trend, meaning that the market shows declining characteristics. This will result in a less vulnerable price for NEO. The upper limit of the Bollinger’s band is present at $23, which serves as the strongest resistance. Conversely, the lower limit of the Bollinger’s band is present at $18, which serves as the strongest support.

The NEO/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish movement. However, the price path can be seen following an upwards trend, indicating an increasing market for cryptocurrency. However, the price can be seen attempting to break the resistance, and the probability for the break is very high. If the market breaks, the bulls’ momentum will be lost, and the bears will regain their control on the market.

Neo price analysis: NEO attempts to break the market at $23.64 2
NEO/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) is 61, signifying a slightly high value for NEO. This means that the cryptocurrency enters the overvalued region. However, the RSI path can be seen following an upwards movement indicating that the cryptocurrency will experience complete inflation, which will result in a reversal trend for the cryptocurrency.

NEO Price Analysis Conclusion

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 strong upward trend with the possibility of going downhill very soon. NEO/USD climbed with fatigue at the $24 mark; the price reached $23.78 on March 22, 2022. The market shows vital signs of a reversal movement in the coming days.

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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