Analysis

Neo price analysis: Cryptocurrency value appreciates to $10.53 after a bearish run

Cryptocurrencies prices heatmap, source: Coin360

Neo price analysis shows NEO prices have been rising lately, which is a good sign for traders who believe in the potential of this digital asset.NEO is trading at $10.53, after a bullish run that saw it appreciate by 1.94percent in the last 24 hours.

NEO’s price is currently enjoying a good run, as it has been one of the best-performing digital assets in the last 24 hours. The digital asset is up by 1.94 percent, which is a good sign for bulls. However, they will need to push NEO’s price above $10.74 to invalidate the bearish setup and open up the possibility of a move to $12.

The bulls are presently attempting to claim lost ground, according to the most recent Neo price analysis. They will need to push and close the cryptocurrency above $10.53 to continue the upwards move. On the other hand, a drop below $9.67 could see NEO’s price fall to $8.60.The trading volume is at $72,092,443 while market cap is at $837,504,752.

NEO/USD 1-day price chart: Price levels up to $10.53, bulls manage to penetrate

Neo price analysis one-day price chart bulls are trying to overcome the bearish pressure and have succeeded so far in their struggle as the prices increased today. The past week has been mostly bearish for NEO as it corrected lower from highs around $12. The prices found support near the $9.67 level and started an upward move. There was a break above the 23.6% Fib retracement level of the last decline from the $12 high to the $9.67 low.

According to the 1-day price analysis, the moving average(MA)value is presently placed well below the current market price, which indicates that the bulls are in control. The immediate resistance is present near $10.53 and the bears might reappear near $10.74 levels. On the downside, initial support is near $9.67 followed by the MA50 level(presented in a yellow color line).

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

The MACD on the one-day chart is placed well in the bullish zone and it might continue to gain momentum in the near term. The RSI for NEO/USD is currently just above the 50 levels, with a positive angle. These indicators suggest that NEO’s price may start afresh increase in the near term. The Bollinger bands are widening for some time, which could result in a volatile move either way.

NEO/USD 4-hour price chart: Price stabilizes above $10.53 as the uptrend remains consistent

The 4-hour Neo price analysis shows bulls are trying to push prices higher, but they face some resistance near the $10.This encourages buyers to remain cautious until there is a breakout and close (UTC time frame) above the $10.74 resistance. The immediate support on the downside is near the $9.67 level. A successful close below $9.67 might push NEO’s price towards the key support at $8.60 levels.

On the 4-hour chart, The RSI and MACD on the 4-hour chart suggest that NEO’s price may continue to move higher in the near term. The RSI line is placed well above the 50 levels, with a positive angle. This suggests that NEO is in an uptrend and may start afresh increase if there is a clear break and close above $10.53 resistance levels.

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

On the downside, initial support is present near $9.67 and the MA 50 level(presented in a yellow color line). A break below these levels could open up the possibility of a move towards $8.60 levels.53 and $10.74 levels. The Bollinger bands are currently in a squeezing mode, which suggests that NEO’s price may soon make a big move.

Neo price analysis conclusion

To conclude, Neo price analysis, there has been a rise in today’s price as the bulls are trying to situate themselves on the price chart.NEO/USD price is now at $10.53level, encouraging the buyers. The bulls have been able to break through the resistance at $10.53, but they still need to push through the $10.74 level to continue their upward momentum.

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.

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