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Neo price analysis: Neo dips from $9.5 as the crypto market struggles to recover

Neo price analysis
TL;DR Breakdown
  • Neo price analysis is bearish as its price went down by 7.20 percent today
  • The market went through a sharp dip from $9.34 to $8.8
  • RSI levels on the hourly and 4-hour charts suggest that the market is becoming oversold
  • There are slight chances for recovery, but it will be short-lived due to the market’s sentiment
  • Now is not the best time to invest in Neo due to the high uncertainty

Neo price analysis is highly bearish today as its price has reduced by almost 7.20 percent in the last 24 hours. The entire crypto market is undergoing a bearish rally, with all major coins in the negative.

Crypto heat map
Cryptocurrency heat map by Coin360

Based on the crypto heat map, we can see that Bitcoin is down by 4.44 percent right now. Similarly, Ethereum is also in the reds and is low by 1.69 percent. Since these major coins are down, the rest of the market follows the same sentiment.

Neo has been experiencing a lot of resistance around the $9.56 mark. But can it retrace back soon? That seems very unlikely to happen. In fact, there is a higher chance for Neo to fall lower.

Neo 24-hour price movement: Neo went through a sharp dip today

Neo price analysis 1-hour chart
Neo Price Chart by TradingView

Today has not particularly been a very positive one for Neo. Based on the 24-hour Neo price analysis, we can see that it underwent a sharp dip from $9.34 to $8.8. Exactly 24 hours ago, Neo closed at the $9.3 mark, which is currently down to $8.61. That is a staggering difference!

Neo currently has a $607,722,439, which has been reduced by 7.2 percent. However, its trading volume has gone up by 68 percent. It makes sense because Neo has faced significant volatility in the last 24 hours.

Nevertheless, we might see some recovery because the RSI shows that the market is heavily oversold right now. So, a further downtrend is less likely as the bears slowly become exhausted. It might be the time for the bulls to push the price higher.

4-hour Neo price analysis: NEO/USD is quickly becoming oversold

Neo price analysis 4-hour chart
Neo Price Chart by TradingView

While the market is painting a negative picture, it might be relieving for traders to know that Neo the RSI is close to reaching oversold levels on the 4-hour Neo price analysis. This means that there are good chances of some recovery from here onwards.

However, seeing the same bearish trend on the 4-hour graph simply confirms the sentiment and the fact that today NEO/USD is in a downtrend. This happened after days of sideways consolidation. It was expected given the fact that the bulls were not very strong, and the overall sentiment of the market was not very positive either. It was not a matter of if but of when.

But where to go from here? While there are slight chances of recovery, Neo might dip lower until the bears become exhausted.

Neo price analysis: Conclusion

Now is not a good time to invest in Neo because the market’s sentiment is bearish, and Neo is undergoing massive dips. The price could easily fall lower. However, some recovery can happen since the RSI is reaching oversold levels. But it will most likely be a short-lived one!

The bear market is perhaps the best time to arm yourself with basic trading skills so that you can fully capitalize on them during the bull run. Consider reading our crypto 101 guides to learn everything about crypto.

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.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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