Based on the NEO price analysis, the market is exhibiting a strong bearish sentiment. The current report indicates that the price of NEO has fallen sharply, hitting a low of $9.37, which is the lowest of the past two months. The trend line since April 17, 2023, has been consistently downward, with a steep downward trend on a weekly basis. However, there is a possibility of the coin receiving support at the $9.21 level, which could lead to a cessation of the price decline in the coming hours.
NEO price analysis: NEO’s price has dropped by almost 6.55 percent
Today’s one-day NEO price analysis reveals that the price function was already experiencing negative pressure, resulting in a significant drop in price. Despite efforts to resist bearish pressure, the cryptocurrency’s value plummeted to $9.37. Over the past 24 hours, the value of NEO has declined by 6.55 percent, and over the past seven days, it has fallen by an alarming 11.60 percent. Although the price cap has also decreased by 6.69 percent, the trading volume has increased by 4.40 percent.
According to the moving average (MA), the average value calculated at $10.16 is currently higher than the current NEO price. However, the past week has been particularly damaging, resulting in a low Relative Strength Index (RSI) score of 29, indicating that the indicator has entered the oversold range today. The downward curve of the indicators suggests selling activity in the market.
During the past week’s bearish trend, the volatility has decreased as the Bollinger bands have begun to converge. The upper band has hit the resistance level of $11.90, while the lower band has reached $9.49, which previously served as the strongest support. However, the strong correction seen today may cause the indicator to start expanding again.
NEO/USD 4-hours chart: Recent developments and further technical indications
According to the 4-hour NEO price analysis reports, the coin value has experienced a significant decline, dropping to $9.37. Today, the market has witnessed constant selling pressure, causing the price levels to continuously decrease. The last four hours have seen the most damage. The Bollinger bands average is showing a $10.05 value, and the volatility on the 4-hour chart has started to increase. Furthermore, the SMA 50 and SMA 20 both took a downward turn, which is a strong bearish indicator.
Due to the rapid decline in price, there has been an increase in volatility, with the upper Bollinger band reaching $10.62 and the lower band at $9.48. The moving average, represented by the collective average of $9.83, is actually indicative of the downward trend in NEO’s price. This suggests that the selling pressure has been consistent and sustained, leading to a downward movement in the MA. As more selling activity took place today, the RSI score fell to 28, entering the oversold zone.
NEO price analysis conclusion
According to the NEO price analysis, the past week has been a crucial period for the cryptocurrency, with the short-term trend line showing a downward movement. The RSI scores on both charts indicate that the coin is currently undervalued, which is unfavorable news for buyers. However, there may be some hope, as the $9.21 level could potentially provide support for NEO/USD. Additionally, the RSI curve on the 4-hour chart has turned right, indicating the possibility of support arriving soon. However, the coin is expected to close in the red with quite some loss today.
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Source: https://www.cryptopolitan.com/neo-price-analysis-2023-05-08/