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Neo price analysis: NEO trades above $10 amid bearish market conditions

Neo price analysis
TL;DR Breakdown
  • Neo price analysis is bearish for today
  • Neo prices are trading at $10.14
  • NEO prices are facing resistance at $10.75
image 365
Cryptocurrencies prices heatmap, source: Coin360

Neo price analysis indicates NEO is currently trading at $10.14, which is slightly above its recent lows of $9.80. The digital currency has been under pressure in recent weeks as the overall crypto market has seen a sell-off. However, NEO seems to be holding up relatively well compared to other major cryptocurrencies such as Bitcoin and Ethereum.

The resistance level of $10.75 is key for the NEO bulls. If they can push prices above this level, it could open up the possibility for a move higher towards $11.50. However, if prices continue to struggle at this resistance level, it could signal that further downside is ahead for NEO in the short term. Neo has a trading volume of $66,925,988.98 and a market capitalization of $714,118,058.87 while it ranks position 66 in the overall cryptocurrency market.

NEO price action on a 1-day price chart: Bulls stumble to keep $10.0 in play

Neo price analysis on a daily chart reveals NEO bulls have been having a tough time trying to keep prices above the $10.00 level recently as the digital currency has seen a sharp sell-off over the past few weeks. However, it does seem like some buyers are starting to step in at these lower levels as NEO prices have found some support around the $9.80 level.

The immediate resistance for NEO prices is located at the $10.75 level as this is where the digital currency has found some selling pressure in recent days. If buyers can push prices above this level, it could open up the possibility for a move higher towards $11.50. However, if prices continue to struggle at this resistance level, it could signal that further downside is ahead for NEO in the short term.

image 363
NEO/USD 1-day price chart, source: TradingView

Neo price analysis shows the indicators on the daily timeframe are currently bearish. The MACD indicator on the NEO daily timeframe is currently bearish as it is trading below the zero line. The RSI indicator is also currently bearish as it is trading below the 50 levels. The Stochastic indicator is currently bearish as well as it is trading below the 80 levels.

NEO price analysis on a 4-hour price chart: Bearish trend continues

On the 4-hour timeframe, NEO is in a bearish trend as prices are trading below the moving averages. The 20 EMA is currently above the 50 EMA which indicates that the bearish trend is currently intact. The MACD indicator on the NEO 4-hour timeframe is currently bearish as it is trading below the signal line. The RSI indicator is currently residing on the 50 level which indicates that the market is currently neutral.

image 364
NEO/USD 4-hour price chart, source: TradingView

The key support level to watch for the NEO bulls is located at the $9.80 level as this is where prices have found some buyers on multiple occasions over the past week. If prices were to break below this level, it could signal further downside for the digital currency.

NEO price analysis shows that the digital currency is currently in a bearish trend as prices are trading below the moving averages in the 4-hour timeframe. The finobacci retracement levels also indicate that the bearish trend is likely to continue in the near term as prices are trading below the 23.6% level. The key support levels to watch for the NEO bulls are located at $9.80 and $9.50 while the key resistance levels are located at $10.75 and $11.The Stochastic indicator is showing a bearish bias as it is trading well below the 80 levels.

Neo price analysis conclusion

NEO price analysis on an intraday basis reveals that NEO is currently in a bearish trend as prices are trading below the moving averages. The key support levels to watch for the NEO bulls are located at $9.80 and $9.50 while the key resistance levels are located at $10.75 and $11. The bears seem to be adamant in pushing Neo prices lower as they have been successful in breaking below key support levels recently.

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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