- Neo price analysis is bullish for today
- The resistance for Neo prices is present at $22
- The support for NEO is present at $20.07
Neo price analysis shows that the bulls are back in action today, taking the price up to $21.32 after a brief consolidation below the $20 mark. The price had dipped as low as $18.97 on Sunday but found support at the $20.07 level and has since been on an uptrend. The bulls will now be aiming to break through the resistance at $22, which is likely to be a tough task. If they can do so, the next target will be $22.50. On the other hand, if the bears take control, the price could drop back to $20.07. A break below this level could see Neo head back to the $18.97 level.
NEO/USD 1-day price chart: NEO/USD price increases significantly
According to the NEO price analysis, market volatility appears to be trending upwards, suggesting that the market is signaling more volatility. The market price is expected to find immediate resistance near the $21.49 level. The prices have recorded a price surge of $5.86 percent while the digital asset dominates at least 0.68 percent of the cryptocurrency market. The prices have been trading in a range of $20.07 to $21.47 as a surge in the market capitalization of $1.44 billion has been witnessed.
The technical indicators on the 1-day price chart reveal a strong bullish trend for NEO. The MACD indicator is currently gaining momentum in the bullish zone. Similarly, the RSI indicator is also trading well above the 60 levels, with positive signs. Moreover, the EMAs are also placed in the ascending order, which is a positive sign for NEO. Overall, the bulls are likely to remain in control and might push NEO towards the $22.50 and $23.00 resistance levels in the short term.
Neo price action on a 4-hour price chart: Bulls look to break out again
The 4-hour price chart for NEO reveals that the market price has formed a descending triangle pattern. The market volatility is currently increasing but the prices have not broken above or below any major resistance or support levels. The immediate resistance is present near the $21.50 level. On the downside, support lies at $20.00.
The MACD indicator is currently gaining momentum in the bullish zone, with positive signs. Similarly, the RSI indicator has also climbed above the 50 levels and is currently trading at 56. Overall, the bulls are likely to remain in control and might push NEO towards the $22 resistance level. The Chaikin money flow index is also climbing higher, which is a positive sign.
The daily confluence detector shows that it is very little to no resistance ahead of the NEO market. However, if the bulls manage to push the prices above $21.50, we can see a minor resistance formed at $21.65, which is the confluence of the 1-day Fibonacci 38.2% retracement level and SMA 5-1d.
Neo price analysis conclusion:
Neo price analysis shows that the bulls were back in action today, taking the price up to $21.32 after a brief consolidation below the $20 mark. The price had dipped as low as $18.97 on Sunday but found support at the $20.07 level and has since been on an uptrend. The bulls will be expected to break through the resistance at $22, which is likely to be a tough task. However, the current bullish wave may be short term and the market price could drop back to $20.07 if the bears take control.
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