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Neo price analysis: NEO dips further to lows of $16.50

Neo price analysis

TL;DR Breakdown

  • Neo price analysis is bearish
  • Support for NEO price is present at $16.45
  • Neo price has declined by 3.62 percent

Neo price analysis recently shows the price is continuing to dip further after a slight uptick on the charts yesterday. The market today has been pretty much in the red, with only a handful of cryptos in the green. At press time, NEO was trading at $16.45, after having dipped to lows of $16.50 earlier today. The cryptocurrency has seen a slight decline of 3.62 percent in the last 24 hours. The token has declined overall, with a trading volume of $102,950,331.72.Neo has also declined in the market dominance which is presently at 0.07 percent.

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Cryptocurrencies prices heatmap,source:Coin360

Neo price action on a 1-day price chart: Bears mount pressure as price plummets

Neo price analysis in the last 24 hours indicates that NEO has been on a steady decline over the past few days. The cryptocurrency had found some support at $18 but failed to maintain any upward momentum and dipped below $17 yesterday. Today, the price has broken below $16.50 and is currently testing the next level of support at $16.45. The overall market trend is bearish and it seems like the price might continue to decline in the near future.

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NEO/USD 1-day price chart, source: TradingView

The MACD on the 1-day chart shows that the crypto is in a bearish zone as the signal line is above the candlesticks. The RSI indicator is also in the oversold zone, which indicates that the price might see some upward momentum in the near future. The Parabolic SAR dots are placed below the candlesticks, which is a bearish sign.

Neo price analysis on a 4-hour price chart: Price remains bearish

A look at the 4-hour chart for NEO price analysis shows that the cryptocurrency has been in a downtrend since the beginning of this month. The price is likely to test the next level of support at $16.45 if the current selling pressure continues. The EMA ribbons have also crossed below the candlesticks, which is a bearish sign.

image 79
NEO/USD 4-hour price chart, source: TradingView

The MACD indicator on the 4-hour chart shows that the signal line is above the candlesticks, which indicates that NEO is in a bearish zone. The RSI indicator pointing downwards shows that the selling pressure is likely to continue in the market. The Parabolic SAR indicator is signaling a bearish trend for the crypto as the dots are placed below the candlesticks.

Neo price analysis conclusion

Neo price analysis shows that the cryptocurrency has been on a steady decline over the past few days and is currently testing the next level of support at $16.45. The market trend is bearish and the price might continue to decline in the near future. A further downtrend is anticipated as the overall cryptocurrency market is experiencing a sell-off. Bulls are therefore unlikely to make any significant gains in the market and are expected to defend the $16.45 level of support in order to prevent any further decline.

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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