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Neo price analysis: NEO prices shed 5 percent as market correction gains traction

neo

TL;DR Breakdown

  • Neo price analysis is bearish
  • NEO prices have established firm support at $19.36
  • Neo is currently trading at $20.23
Neo price analysis: NEO prices shed 5 percent as market correction gains traction 1
Cryptocurrencies prices heatmap, source: Coin360

Neo price analysis shows the cryptocurrency is in a downtrend as it sheds 5 percent in the last 24 hours. The market correction is gaining traction as Bitcoin prices continue to tumble.NEO has found support at $19.36 and is currently trading at $20.23. The coin has faced strong upward rejection at the $21.50 level and is likely to continue its downtrend in the near term.

Neo price analysis reveals the coin has been on a continued downtrend over the last few days as the entire crypto market is in a state of correction. The current sell-off is likely to drag Neo prices below the $19 level in the coming days as market conditions remain bearish.

Neo price action on a 1-day price chart: Bears in complete control

On the 1-day chart, we can see that Neo has been on a downtrend since February 28 as prices have consistently made lower lows and lower highs. The bearish momentum gathered steam over the last few days as the moving averages have been undergoing a bearish crossover. The MACD is currently in the bearish zone and is likely to generate a sell signal in the coming days. The RSI indicator is currently at 42 and is indicating that the bears are in complete control of the market.

Neo price analysis: NEO prices shed 5 percent as market correction gains traction 2
NEO/USD 1-day price chart, source: TradingView

The coin started today’s trading session at $21.12 and has since dropped to the current level of $20.23. The sell-off has picked up pace as the day progressed, and the coin is likely to continue its downtrend in the near term. The trading volume is currently at $165,955,517.86 while the market capitalization stands at 1.4 billion.

Neo price action on a 4-hour price chart: Neo prices face resistance at $21.50

On the 4-hour chart, we can see that NEO prices have been on a downtrend since April 1 as the bearish momentum has gathered strength. The moving averages lines are all sloping downwards, and the MACD indicator is currently in the bearish zone. The RSI indicator is also at 42, which indicates that the market is currently in a bearish state.

Neo price analysis: NEO prices shed 5 percent as market correction gains traction 3
NEO/USD 4-hour price chart, source: TradingView

The current market sentiment has seen the market volatility decline but is gaining some traction as the market correction deepens. The Bollinger bands are however expanding, which indicates that the market is likely to see some more volatility in the near term. The immediate support levels are at $20 and $19.36, while the resistance levels are at $21.50 and $22.

Neo price analysis conclusion

Neo price analysis reveals that the coin has nose-dived towards the $19.36 support level as the market correction gains traction. The market is likely to see some more volatility in the near term as the Bollinger bands expand. The bears are currently in control of the market, and the coin is likely to continue its downtrend in the short term. The bulls will have to defend the support levels at $20 and $19.36 to avoid further losses.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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