Neo price analysis: NEO prices consolidate below $24.0, facing hurdles on the upside

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TL;DR Breakdown

  • Neo price analysis indicates a bearish market sentiment
  • NEO prices have established support at $22.32
  • Strong resistance for NEO prices is present at $26.00
Neo price analysis: NEO prices consolidate below $24.0, facing hurdles on the upside 1
Cryptocurrencies prices heatmap, source: Coin360

Neo price analysis is currently bearish as the market sentiment turns sour and prices consolidate below $24.0. Prices have established support at $22.0, with an immediate upside target of around $26.0, where the descending trendline resistance lies. The coin has lost over 2.66 percent of its value in the last 24 hours and is currently trading close to its support level of $22.0. Neo prices have been consolidating below the $24.0-level over the past 24-hours as market sentiment continues to remain bearish.

Neo price movement in the last 24 hours: NEO prices continue to consolidate

Neo prices have been on a steady decline over the past 24-hours and are currently trading at $23.31.The coin had seen a sharp drop yesterday after it faced rejection at the $24.0-resistance level and corrected lower. The trading volume is currently totaling $232,762,546.30 which is significantly higher than its 30-day average volume of $154,321,675.89. The total market capitalization has declined to $2,032,657,849 as prices continue to remain bearish in the short term.

NEO prices have been consolidating below the $24.0-level over the past 24-hours as market sentiment continues to remain bearish. The descending trendline resistance has been acting as a strong barrier for the bulls, preventing them from pushing prices higher.

The Relative Strength Index is currently trading in neutral territory, indicating that the market could see some consolidation in the near term. The MACD shows increasing bearish momentum as the MACD line crosses below the signal line. The 24-hour trading volume has been relatively low at around $200 million, and the NEO market is currently struggling to find any buyers.

Neo price analysis: NEO prices consolidate below $24.0, facing hurdles on the upside 2
NEO/USD 1-day price chart, source: TradingView

The market volatility for NEO is increasing as the Bollinger bands are widening. Prices are expected to see some volatility in the near term as traders square off their positions ahead of the weekend. The key support and resistance levels to watch out for are $22.00 and $24.30, respectively. Also, the upper band of the Bollinger bands currently lies at $25.30, which could act as strong resistance to prices in the near term.

Neo price analysis on a 4-hour chart: Prices establish support at $22.0

Neo price analysis on a 4-hour chart shows that NEO prices have been consolidating in a descending channel formation. On the 4-hour chart, we can see NEO prices correcting lower after testing the $24.0-resistance yesterday. Prices had tested the $24.0-resistance level earlier this week but were unable to sustain the bullish momentum and corrected lower.

The coin has found some support at around $22.0, where the 100-day simple moving average currently lies. The MACD indicator shows bearish momentum as the MACD line crosses below the signal line. The Relative Strength Index is close to the 50-level, indicating a lack of clear direction in the market.

Neo price analysis: NEO prices consolidate below $24.0, facing hurdles on the upside 3
NEO/USD 4-hour price chart, source: TradingView

The descending trendline resistance currently lies at $24.30, and prices are expected to face strong selling pressure around this level. On the downside, the key support levels to watch out for are $22.00 and $21.80, respectively. The market volatility is currently increasing as the Bollinger bands are beginning to stretch outwards. The Awesome Oscillator is currently trending lower, further affirming the bearishness in NEO prices.

Neo price analysis conclusion

Neo price analysis shows that prices are currently consolidating below the $24.0-level as market sentiment turns bearish. Prices are expected to see some volatility in the near term as traders square off their positions ahead of the weekend. The key support and resistance levels to watch out for are $22.00 and $24.30, respectively. However, a bullish reversal could take place if prices manage to break above the $24.30-resistance level.

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.

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.I love content and creating features on the cryptocurrency.

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