Neo price analysis: NEO breaks resistance at $24.45

NEO

TL;DR Breakdown

  • NEO price analysis appears to be bullish.
  • The strongest support is present at $21.
  • Todays trading price for NEO is $24.4.

NEO price analysis has revealed the cryptocurrency market to have immense bullish momentum with strong reversal dynamics as the price breaks the resistance and threatens the bullish regime. As a result, the NEO/USD price recently spiked to a huge incline on March 22, 2022, and The price went from $22 to $24 in no time. The next day the price continued an upward movement and went from $23 to $24 on the same day, On March 23, 2022.

NEO has been up 3.54% in the last 24-hours with a trading volume of $300,289,244. Neo currently ranks at #58, with a live market cap of $1,728,956,389.

NEO/USD 4-hour price analysis: Recent developments

The NEO price analysis reveals the market’s volatility to be following an inclining trend, meaning that the price of NEO/USD is becoming more prone to experience variable change. The upper limit of the Bollinger’s band is present at $24, which serves as the strongest resistance for NEO. Conversely, the lower limit of the Bollinger’s band is present at $21, which serves as the strongest support point for NEO.

The NEO/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish movement. The market trend has been bullish in the last couple of days, and the price attempts to break the resistance again. However, the NEO price almost succeeded in breaking the resistance this time around.

Neo price analysis: NEO breaks resistance at $24.45 1
NEO/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 70, signifying a heavily inflated value for NEO. This means that the cryptocurrency falls in the overvaluation region. However, the RSI path can be seen following a linear movement indicating that the cryptocurrency value will remain constant around this threshold but might also dive deeper into the overbought category. However, the price is already at a point of overvaluation and will likely be reversed soon.

Neo price analysis for 1-day: NEO/USD breaks resistance

The NEO price analysis indicates that the market’s volatility appears to be following an increasing trend, meaning that the market shows expanding characteristics. This will result in a more vulnerable price for NEO. The upper limit of the Bollinger’s band is present at $23, which serves as a support point for NEO. Conversely, the lower limit of the Bollinger’s band is present at $18, which serves as another support point for NEO.

The NEO/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish movement. However, the price path can be seen following an upwards trend, indicating an increasing market for cryptocurrency. However, the price can break the resistance, which means the market dynamic is expected to reverse soon.

Neo price analysis: NEO breaks resistance at $24.45 2
NEO/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) is 64, signifying a high value for NEO. This means that the cryptocurrency enters the overvalued region. However, the RSI path can be seen following an upwards movement indicating that the cryptocurrency will experience complete inflation, which will result in a reversal trend for the cryptocurrency.

NEO Price Analysis Conclusion

The conclusion of the NEO price analysis shows that the recognition made in the current behavior of the cryptocurrency indicates that it is following a strong upward trend with the certainty of going downhill very soon as the market undergoes a breakout. NEO/USD climbed with fatigue at the $25 mark; the price reached $24.96 on March 23, 2022.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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