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Neo price analysis: NEO prices slip below $22 as market conditions turn bearish

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TL;DR Breakdown

  • Neo price analysis shows a bearish trend
  • Immediate resistance for NEO prices is present at the $22.5 level
  • Current support for NEO prices is seen at the $20.0 level
Neo price analysis: NEO prices slip below $22 as market conditions turn bearish 1
Cryptocurrencies prices heatmap, source: Coin360

Neo price analysis reveals that NEO prices opened the daily trading session trading at the $22.50 level and slipped below the $22.00 level within the first hour of trading as market conditions turned bearish. NEO prices found support at the $20.5 level and have been consolidating around this level for the past few hours. Neo prices have been countered by strong resistance at the $22.5 and they currently trade at $21.21.

Neo price analysis for today shows a negative market sentiment revealed after NEO prices broke off downwards from a sideways trend that had been present for the past few days. The total trading volume for NEO is nearly $154 million and the market capitalization for NEO is currently $1.4 billion. The digital asset is occupying 0.08 percent of the entire crypto market as it ranks in position 65 according to Coinmarketcap.com data. The digital asset is seen to be trading in a range of $20.62 to $22.53 in the last 24 hours with a price decrease of 1.31 percent.

Neo price action on a 1-day price chart: Bears adamant as they push prices below $22

The 1-day price chart for NEO shows that since the beginning of trading today, NEO prices have been on a downward trend as market conditions turned bearish. The immediate resistance present for NEO is at the $22.5 level while the key support levels are at the $20.5 and $19.0 levels. The relative strength index for NEO is currently at 44.34 and it remains close to the oversold territory as the market conditions continue to be bearish.

Neo price analysis: NEO prices slip below $22 as market conditions turn bearish 2
NEO/USD 1-day price chart, source: TradingView

The MACD indicator for NEO has just crossed into the bearish territory as the signal line (blue) crosses above the MACD line (red). This indicates that there is a bearish trend in the market as prices continue to fall. The Parabolic SAR indicator for NEO is currently above the price of candles which further indicates a bearish trend in the market.

Neo price analysis: What to expect?

Neo prices have been on a downward trend today as market conditions turned bearish. The immediate resistance present for NEO is at the $22.5 level while the key support levels are at the $20.5 and $19.0 levels. The market conditions are currently bearish as indicated by the MACD indicator crossing into the bearish territory which indicates that prices may continue to fall in the short term.

Neo price action on a 4-hour price chart: Neo prices are set to continue falling as market conditions turn bearish

The 4-hour price chart for NEO shows that the digital asset has been on a downward trend since yesterday as market conditions turned bearish. The immediate resistance present for NEO is at the $22.5 level while the key support levels are at the $20.5 and $19.0 levels. The market conditions are currently bearish as indicated by the MACD indicator crossing into the bearish territory which indicates that prices may continue to fall in the short term.

Neo price analysis: NEO prices slip below $22 as market conditions turn bearish 3
NEO/USD 4-hour price chart, source: TradingView

The Parabolic SAR indicator for NEO is currently above the price of candles which further indicates a bearish trend in the market. The RSI indicator for NEO is currently at 42.38 and it is seen to be close to the oversold territory which indicates that there is further downside potential for NEO prices.

Neo price analysis conclusion

Today’s Neo price analysis reveals that the digital asset is currently in a bearish trend as market conditions turned bearish. The bears seem to be in control of the market as they push prices lower. However, a slight rebound cannot be ruled out as the market conditions are currently oversold. The key support levels to watch out for are $20.5 and $19.0 while the immediate resistance is at the $22.5 level. Bulls are expected to come out to defend the $22.5 level as the market conditions turn bullish in the short term.

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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