Neo price analysis reveals the cryptocurrency market is in a bearish trend as the market lost 17.43 percent over a 24-hour period. The cryptocurrency is currently trading at $9.51 The NEO token had been making some progress over the last few days as it surged from $8.81 to recent higher lows of $9.51. However, the market went through a sharp price drop as it lost over 17.43 percent in value and found support at $8.55
The market has been on a downtrend since and is currently trading below the $10 mark to the upside. The market is currently in a bearish trend as it tests support at $8.56. A break below this support level could see NEO prices head towards the $7 mark. The market is expected to remain bearish in the short term as the bulls fail to gain traction.
NEO has been down by over 2% in the last 24 hours and is currently trading at $9.51.Neo current ranks at 18 with a market capitalization of $670,493,778, and with a trading volume of $300,772,264.The digital asset is currently ranking at position 67 as it dominates 0.06 percent of the entire cryptocurrency market.
NEO/USD 1-day price analysis: Bears take control
The one-day Neo price analysis chart is trading in a range of 9.51. The NEO token was on a positive trend as it surged to highs of $21 in early May before the pullback in the last few days. However, the market went through a downward trend to support $8.56.A breakout above this level is needed for the price to rise to the $10.09 level. On the other hand, a breakdown below this support could take NEO prices towards the $7 mark.
The NEO/USD price appears to be crossing under the curve of the Moving Average which indicates a bearish market. The 21-day and 50-day MA are at $10.03 and $9.68, respectively. The MACD line is above the signal line which indicates a bullish trend in the market for NEO. The RSI for NEO/USD is at 46.43 which indicates the market condition is declining.
NEO/USD 4-hour chart: Recent development and further technical indications
The Neo price analysis on a 4-hour time frame shows that the market is currently in a downtrend as it tests support at $8.56.Resistance is present at $13.21. The price is likely to test the $10 mark if the market can gain some traction. The sellers are currently in control of the market as the bulls fail to make any significant progress while the buyers are struggling to keep prices above the $9.5 mark.
The MACD on 4-hour price chart l is currently below the signal line which indicates a bearish trend in the market for NEO. The RSI line is headed downwards indicating a strong market sell-off as the market looks to break lower. The MA on the 4-hour chart for NEO/USD is at $10.03 and $9.68, respectively indicating a negative market sentiment. The market is expected to remain bearish in the next few days as the bulls fail to take control of the market.
Neo price analysis conclusion
The conclusion of the Neo price analysis shows that the market is currently in a downtrend as the NEO/USD pair tests support at $8.56. Resistance is present at $13.21. The market is expected to remain bearish in the next few days as the bulls fail to take control of the market. The market shows that the $10 mark could act as a resistance level in the near future. A break below the $8.56 support level could see NEO prices head towards the $7 mark.
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