Neo price analysis: NEO to continue bearish outlook before stabilizing at $7.78 support

Neo price analysis

TL;DR Breakdown

  • Neo price analysis is bearish today
  • The NEO price is currently at $7.81
  • Neo price analysis faces resistance at $7.94

The latest Neo price analysis suggests a bearish trend for today and supports sellers as the price has undergone a considerable decrease since morning. Although the bears were in the winning position, a downtrend has been following the price for the last 24-hours.

The general feeling in the market is still bearish as Neo drops to $7.81. The NEO/USD is down by 2.11percent at the time of writing, and the market cap is at $551 million. The 24-hour trading volume is recorded as $24 million.

Neo price analysis 1-day price chart: Bears in control as prices dip below 

The 1-day Neo price analysis shows bears are trending for the second day consecutively, and a formation of red candlesticks can be seen on the 1-day chart. The bearish trend has again damaged the cryptocurrency’s value to a good extent as it plummets from the intraday high of $7.94. The cryptocurrency was trading at a decent level of around the $8.00 level but lost almost all of its value in three days as it fell to the low of $7.81 at the time of writing.

image 267
NEO/USD 1-day price chart, source: TradingView

The RSI indicator is currently at 39.26, and it indicates that the market is in a bearish territory as the RSI indicator is below the 50-level. The moving average value in the 1-day chart is currently at the $7.89 level. The Bollinger bands indicators also hold vital importance in informing us about the current market trends. Its upper band shows the value at $7.94, while its lower band shows $7.78, representing the resistance and support, respectively.

NEO/USD 4-hour price analysis: Latest developments

The 4-hour Neo price analysis confirms the downtrend, as the price has been trading below $7.94 for the last few hours. The price has formed lower highs and lower lows, which is a sign of bearish momentum in the market. The bulls have not been able to take the price above $7.94, which is a sign of weakness.

image 266
NEO/USD 4-hour price chart, source: TradingView

The Bollinger bands values in the 4-hour price chart are as follows; the upper Bollinger band is at $7.91, whereas the lower Bollinger band is at $7.83, respectively. The relative strength index is currently at 50.57, and it does not show any extremities, which suggests that there are no oversold or overbought conditions in the market. The moving average value in the 4-hour chart is currently at the $7.88 level, just below the current price.

Neo price analysis conclusion

The Neo price analysis suggests that NEO performed better at the start of the trading session today, but the cryptocurrency has been following a downtrend for the last 24 hours. However, if the resistance present at $7.94 persists, then the coin may start to recover in the coming hours. On the other hand, if the selling pressure continues, then NEO may step down into the $7.78 support level.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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