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Neo price analysis: is NEO/USD gearing up for positive action above $8.6?

The Neo price analysis is quite bearish today. In fact, the crypto market at large is currently facing a negative market sentiment.

The crypto heat map below shows that Bitcoin has gone down by 0.76 percent. At the same time, Ethereum has also been reduced by 0.45 percent. The other altcoins follow the same trend since Bitcoin runs the entire market.

crypto heat map
Cryptocurrency heat map by Coin360

A quick look at the 1-day chart of Neo price analysis further gives us context into the market’s current standing.

1-day Neo price analysis
Neo Price Chart by TradingView

As we can see, Neo’s price is currently hovering around the $8.6 mark. The support is currently set at the $8.0 mark, while massive resistance has recently been recorded around $9.5. We can see that Neo has predominantly been consolidating sideways for the last few days. Based on the MACD analysis and RSI levels, it is expected to continue trading in a range for the next few days. Any significant price movement is not expected. However, one must not forget that cryptocurrencies are highly volatile assets. So, there is always a chance of sudden dips or pumps.

Neo 24-hour price movement

1-hour Neo price analysis
Neo Price Chart by TradingView

The last 24 hours have been quite interesting for the Neo price analysis. The price went straight from $8.88 to a 24-hour low of $8.57 before slightly retracing up to the current price of $8.68.

If we look at the 24-hour data of Neo price analysis, its price has been reduced by 2.40 percent yet. The market cap has gone down by the same amount, and the trading volume has reduced by 19.62 percent.  

However, the bearish momentum might slowly be reducing. We can see that the MACD lines are getting ready for a crossover, and the RSI is still somewhat balanced. Although the RSI did barely touch the 30 marks twice but recovered quickly. Hence, the next 24 hours can be bullish for NEO.

But considering the overall market sentiment, investors should not expect major pumps. For now, NEO continues to consolidate in the bigger picture. Although, some volatility in shorter-time frames is certainly possible.

4-hour Neo price analysis – Neo sets may have set new support at the $8.57 mark

4-hour Neo price analysis
Neo Price Chart by TradingView

The 4-hour Neo price analysis shows us that the token recently set new support at the $8.57 mark. However, it is untested yet. It can only be confirmed after a double confirmation and a bounce up from that point.

Nevertheless, the 4-hour chart does not give much indication of any impending positive price action other than a small bounce up from $8.57. But considering what we already know from the other time frames, we can safely say that the bears might be giving up. So, some positive movement can be expected, but Neo will continue trading in a range overall.

Neo price analysis: Conclusion

NEO/USD has been quite bearish in the last 24 hours. While the bearish momentum is slowly reducing, the bears have not given up entirely. Some positive price movements can be seen in the next 24 hours, but traders must not forget that the overall sentiment of the market is still very negative.

While the NEO/USD market determines its course, consider checking out our list of the best crypto investments for the long 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.

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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