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Neo price analysis: NEO declines to the $10.68 mark after a bearish slide

Neo price analysis
TL;DR Breakdown
  • Neo price analysis indicates a bearish trend
  • NEO/USD prices have set support at $10:24
  • Neo prices are facing resistance at $11.64

Neo price analysis shows that the cryptocurrency is currently in a bearish trend as it approaches the end of the day. The price has found support at $10.24 and is facing resistance at $11.64.The NEO/USD pair started the day on a positive note as the bulls pushed the price up to $11.17. However, the bears quickly took over and brought the price down to $10.6.

image 516
Cryptocurrencies price heatmap, Source: Coin360

The market has been relatively volatile since then as the price fluctuates between these two levels. Despite the bearish trend, the bulls have managed to push the price back up to $11.17. However, they have not been able to sustain this level and the price has once again fallen back to $10.68. The market is expected to remain volatile as the day comes to a close. The NEO/USD pair is currently trading at $10.68 and is down by 1.34% on the day. The trading volume sits at $112,843,458 while the market cap is at $753,493,973.

Neo price action on a 1-day price chart: NEO/USD prices consolidate around $10

Neo price analysis on the daily price chart for the NEO/USD pair shows that the market has been in a bearish trend since the beginning of the day. The price has found support at $10.24 and is currently facing resistance at $11.64. The bulls had tried to enter the market at $11.17 but were quickly pushed back.

image 515
NEO/USD 1-day price, Source: TradingView

The RSI indicator is currently at 50.65 which indicates that the market is currently neutral as it approaches the end of the day. The MACD indicator is currently in the bearish zone as the price looks to continue its downward trend. The EMA 50 and the EMA 200 are both currently in a bearish trend as the price looks to continue its downward trend.

Neo price analysis on a 4-hour price chart: Neo to test the $11.64 level

The 4-hour price chart for the NEO/USD pair shows that the market has been in a bearish trend. The market is expected to see some consolidation in the near term as the bulls and bears battle for control of the market. The price is currently trading between the $10.68 and $11.64 marks.

image 511
NEO/USD 4-hour price chart, Source: TradingView

The RSI indicator is below the 50 level which indicates that the market is currently in a bearish trend. The MACD line is currently in a bearish zone as the price looks to continue its downward trend. The EMA 50 is currently in a bearish trend as the price looks to continue its downward trend.

Neo price analysis conclusion

Neo price analysis for today indicates a bearish market sentiment as the prices dip lower to the support line. The bears have established a firm bearish trend as the market shifts to the downside. The technical indicators are also supportive of the bearish trend in the market. The prices are anticipated to decline further as the selling pressure intensifies. The key support levels to watch out for are $10.24 and resistance is at $11.64.

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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