Neo price analysis: NEO/USD drops below $7.63 as market bearish momentum continues

Neo price analysis

TL;DR Breakdown

  • Neo price analysis shows a bearish trend
  • Resistance for NEO prices is present at $8.11
  • Support for NEO prices is seen at $7.49

Neo price analysis shows a bearish trend for the cryptocurrency as the bears have been at the winning edge for the last 24 hours. Although a strong bullish wave was controlling the price trend in the previous week, today’s trend proved relatively in support of the sellers. The NEO/USD value currently sits at $7.63, and a further decrease in coin value can be expected if the bears remain consistent.

Cryptocurrency has decreased by 6.07% in the last 24 hours, and a Trade volume of $28,179,265 can be seen. The market cap for NEO is presently at $537,144,850.

NEO/USD 1-day price chart: Price goes down to $7.63 after bearish drift

The daily Neo price analysis predicts a downward trend for the market as the selling momentum remained high during the day. The bears have successfully tackled unfavorable circumstances as the bullish current has been disrupted. The price is now at $7.63, and further devaluation is to follow if the selling activity experiences a further rise. Moving on towards the moving average (MA) value, which is $8.27, for a one-day price chart.

image 177
NEO/USD 1-day price chart, source: TradingView

A crossover between the SMA 20 curve and the SMA 50 curve was reported earlier, but now it seems that the trends are shifting toward the sellers. The volatility is on the rise, which is a relatively negative indication of upcoming market trends. The upper Bollinger band value is now $8.47, whereas the lower Bollinger band value is at $7.50.

NEO/USD 4-hour chart: Neo price sitting near the $7.49 support level

The 4-hour price analysis of the NEO/USD cryptocurrency is bearish as the market has faced rejection at $7.49, which was previously serving as resistance for the coin. The Bollinger bands have diverged, and a squeeze can be observed, which might give rise to high volatility in the near future.

image 178
NEO/USD 4-hour price chart, source: TradingView

The short-term trending line is also moving in the bearish direction now. On the other hand, the moving average (MA) value is presently at $7.91, which is relatively close to the NEO current value of $7.63. The 20 SMA is currently at $7.58, whereas the 50 SMA is at $7,44.

NEO price analysis conclusion

The following one-day and four-hours Neo price analysis is indicating a decrease in the price today, as the circumstances have proved unfavorable for cryptocurrency. The bears are struggling to maintain a high momentum and have succeeded in causing a decline in the price to the $7.63 range. Yet, as the bullish momentum in the past week had been seen to be reviving, it can be expected that it might bounce back to take the price above the $7.49 resistance.

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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