Neo price analysis: NEO prices correct higher at $21.08 as bears intervene

NEO

TL;DR Breakdown

  • Neo price analysis shows a negative market sentiment
  • Neo prices are facing immediate resistance at the $20 level
  • Support for NEO prices is present at $19.0
Neo price analysis: NEO prices correct higher at $21.08 as bears intervene 1
Cryptocurrencies prices heatmap, source: Coin360

The Neo price analysis reveals a bearish market after NEO prices closed yesterday’s trading chart at $19.60. Today, the market is trading sideways with a slight bearish bias as the bulls attempt to correct higher. The immediate resistance for NEO prices lies at $20 while support is present at $19.0.Neo prices are currently trading at $21.05, a correction on the upper side of the descending channel that has been in play for the past few days. The formation of a bearish candlestick pattern on the 4-hour chart suggests that NEO prices may retrace lower in the coming sessions.

Neo price movement in the last 24 hours: Bears intervene to counter bullish wave

Neo prices have been alternating between the $20 and $21 price levels over the past day as the bears try to push prices lower while the bulls attempt to correct higher. The market is currently trading at $21.05, which is a correction from the lows of $19.60 seen yesterday. The 24-hour trading volume has increased by 5.33% to $459 million, while the total market capitalization currently stands at $1.62 billion.

Neo price analysis: NEO prices correct higher at $21.08 as bears intervene 2
NEO/USD 1-day price chart, source: TradingView

Neo prices have been fluctuating the past few hours before the bears took control and pushed prices to the $20.90 level. The RSI indicator is currently trading at the 50 level, which suggests that the market has no clear bias at the moment. The MACD indicator is also hugging the centerline, which further affirms the indecision in the market. The moving averages are still far apart, with the 20-day EMA ($19.75) well below the 50-day EMA ($21.62). This suggests that the market still has a bearish bias in the short term.

Neo price analysis on a 4-hour price chart: descending channel in play

A closer look at the 4-hour chart reveals that NEO prices have formed a descending channel over the past few days. The lower boundary of the channel is currently acting as support for NEO prices, while the upper boundary is capping any bullish attempts. The market is currently trading at the upper boundary of the channel, which suggests that a bearish correction may be on the cards in the near future.

Neo price analysis: NEO prices correct higher at $21.08 as bears intervene 3
NEO/USD 4-hours price chart, source: TradingView

The Bollinger Bands indicator is also suggesting that NEO prices are currently overbought as the upper band has expanded well above the price action. This suggests that a bearish reversal may be on the cards in the near future. The RSI indicator is currently trading at 68, which is well above the overbought territory. This further affirms the possibility of a bearish correction in NEO prices.

Neo price analysis: What to expect?

Neo prices are currently trading at the upper boundary of the descending channel, which suggests that a bearish correction may be on the cards in the near future. The RSI indicator is currently overbought, which further affirms the possibility of a bearish move. However, the MACD indicator is still hugging the centerline, which suggests that the market has no clear bias at the moment.

Neo price analysis conclusion

Neo price analysis for today shows that the market is trading with a bearish bias as the bulls attempt to correct higher. The immediate resistance for NEO prices lies at $20 while support is present at $19.0.The bears however have shown a willingness to push prices lower, which suggests that a move towards the $20 level may be on the cards in the near future. The bulls have also been struggling to push prices higher, which further affirms the bearish bias in the market.

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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