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Neo price analysis: NEO prices in a state of “uncertain return”

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TL;DR Breakdown

  • Neo price analysis shows a bearish trend
  • Neo prices currently trading at $18.95
  • Support for NEO prices is seen at the $18.0 level

Neo price analysis: NEO prices in a state of "uncertain return" 1
Cryptocurrencies prices heatmap, source: Coin360

Neo price analysis shows that the market is in a state of “uncertain return”. The bulls have failed to push the prices above $19.0 and a bearish pennant has formed on the 4-hour chart. This suggests that the market may witness some consolidation in the near future. The majority of the bulls are in a holding pattern, and NEO/USD may face selling pressure below $18.0 due to this unresolved bearish trendline and pennant formation. The bears however have the upper hand as they remain adamant in pulling Neo prices downwards. Conversely, the bulls have defended the immediate support of $18.0, and the market may see some relief if the prices move above $19.2.

Neo prices have been trading at a range of $18.41 and $19.20 as the cryptocurrency records a decline of 0.82 percent in the last 24 hours. The trading volume is now at $102,901,855.29 while the market capitalization is at $1.3 billion. The digital asset is currently dominating 0.07 percent of the cryptocurrency market as it is ranked position 67 overall. Upward movement is however likely as the MACD momentum indicator shows signs of a bullish crossover. This is supported by the fact that the 100-day moving average is on top of the 50-day moving average, and this indicates more buying pressure in NEO/USD as well as potential gains.

Neo price action on a 1-day price chart: NEO prices prepare to enter a bullish phase as bears seem exhausted

The Neo price analysis on a 1-day price chart reveals the prices are approaching a bullish phase as the bears seem to be exhausted. The market is seen in a state of “uncertain return” as the prices remain stuck in a constant trading range for quite some time now. However, the technical indicators are currently signaling an interest from buyers to take charge and lead NEO/USD back towards the $20.0 mark. A break above the $19.2 level may see the bulls push prices to highs of $20.0 and beyond in the near term. On the other hand, a break below $18.0 could result in a further sell-off as this would confirm the bearish pennant formation on the 4-hour chart.

Neo price analysis: NEO prices in a state of "uncertain return" 2
NEO/USD 1-day price chart, source: TradingView

The MACD line is indicating a bullish crossover and appears to be moving towards the positive territory. The 100-day moving average is also seen above the 50-day moving average, therefore signaling more buying pressure in NEO/USD. Similar to most cryptocurrencies, there is a significant amount of support for NEO prices at the $18.0 level with any break below this mark likely leading to more losses for the market. The market volatility is decreasing as the Bollinger bands are contracting and therefore it suggests a period of consolidation. If a breakout does not occur soon, then traders are expected to see sideways movement in NEO/USD.

Neo price action on a 4-hour price chart: NEO prices consolidate ahead of testing $19.0

Neo price action on a 4-hour price chart shows that the market is experiencing some consolidation as NEO/USD trades in a tight range. The bears have been trying to push the prices lower but they are currently facing strong support at the $18.0 mark. The bulls remain firmly in control and are expected to take charge soon. The price action is dominated by a bearish pennant formation in the 4-hour chart, which suggests that the market may see some consolidation before it can test $19.0 and beyond. This level will be crucial for NEO/USD as this bears an inverse head and shoulders pattern with its neckline at $19.0.

Neo price analysis: NEO prices in a state of "uncertain return" 3
NEO/USD 4-hour price chart, source: TradingView

The RSI indicator is currently trading at 55.07 and appears to be in a consolidation phase. The MACD line is also signaling a bullish crossover as the fast-moving line moves towards the positive territory. The market volatility is on the rise as the Bollinger bands are seen expanding. This suggests that NEO/USD may see some volatile price action in the near term. The 4-hour chart for NEO/USD shows that the market is consolidating ahead of a potential breakout. The bulls remain firmly in control of the market and are expected to take charge soon. The key levels to watch out for are $18.0 and $19.0.

Neo price analysis conclusion:

According to the Neo price analysis, traders should expect further losses for NEO/USD as long as it trades below $20.0. The cryptocurrency is currently consolidating in an effort to test its key levels at $18.0 and $19.0. A break below $18.0 could result in further losses for NEO/USD while a move above $19.0 may see the bulls push prices towards $20.0 and beyond in the near term. Overall, Neo price analysis for today indicates a bearish trend which is likely to be extended in the near 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.

joel

joel

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.He loves content and creating features on cryptocurrency.

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