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Neo price analysis: NEO downward biased at $24.27

NEO

TL;DR Breakdown

  • NEO price analysis appears to be bearish.
  • The strongest resistance is present at $29.70.
  • The strongest support is present at $26.70.

NEO price analysis has revealed the NEO market to have bearish momentum with further depreciating potential because of the way the price has suddenly started to decline. For example, the NEO/USD price recently experienced a vast upwards direction just before shifting on April 5, 2022, and the price went from $26.06 to $24.69 in no time. Today, the price further obtained a downward movement and went from $24.69 to $24.27.

The price appears to continue the declining movement; the cost of Neo has been down 10.36% in the last 24-hours, with a trading volume of $211,943,371 and a live market cap of $1,725,740,110. Neo currently ranks at #65 in the cryptocurrency rankings.

NEO/USD 4-hour price chart: Recent developments

The Neo price analysis reveals the market’s volatility to be following an increasing 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 $28.95, which serves as the strongest resistance for NEO. Conversely, the lower limit of the Bollinger’s band is present at $24.49, which serves as another resistance point for NEO.

The NEO/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish movement. The market trend has just recently shifted, and it seems that this will be a hard few days for NEO. As a result, the price appears to move downwards, signifying a declining market and depreciation of the cryptocurrency value. The market seems to be broken, illustrating substantial reversal opportunities.

Neo price analysis: NEO downward biased at $24.27 1
NEO/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 27, signifying a meager value for NEO. The cryptocurrency shows depreciating dynamics. As a result, the cryptocurrency falls in the undervalued region. However, the RSI path follows a downward movement indicating that the cryptocurrency will experience decreased value. The declining RSI score indicates dominant selling activity.

Neo price analysis for 1-day: The market continues bearish movement

The NEO price analysis indicates that the market’s volatility appears to be following a declining trend, meaning that the market shows minor signs of increasing volatility. This will result in a more stable price for NEO. The upper limit of the Bollinger’s band is present at $29.39, which serves as the strongest resistance for NEO. Conversely, the lower limit of the Bollinger’s band is present at $21.05, which serves as the strongest support for NEO.

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 a downward direction, indicating depreciating dynamics.

Neo price analysis: NEO downward biased at $24.27 2
NEO/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) is 48, signifying a stable value for NEO. This means that the cryptocurrency shows no sign of moving towards the overbought class or the undervalued category falling in the upper neutral region. However, the RSI path follows a downward movement indicating that the cryptocurrency will experience decreased value, signifying dominant selling activity.

NEO Price Analysis Conclusion

The conclusion of the NEO price analysis shows that the current behavior of the cryptocurrency indicates that it is following a strong downwards trend with the possibility of maintaining its negative momentum. NEO/USD climbed with fatigue at the $26 mark; the price reached $25.84 on April 5, 2022.

Chart analysis shows bearish dynamics with room for further bearish activity. However, the market shows reversal possibilities as the market breaks; this could signal stability.

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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