Neo price analysis reveals that the bulls have been in control of the market for the last 24 hours. The market opened today at $8.56 and has since been on an upward trend, reaching a high of $10.03. Prices have since pulled back slightly to trade at $8.88 at press time. Support for the market is seen at $8.56, while resistance is seen at $9.95.
NEO/USD has gained over 4.71 percent in the last 24 hours and is currently trading above the $9.00 level. The bulls might push prices higher to test the $8.95 resistance level. However, if the bears take control of the market, NEO/USD might drop to retest the $8.56 support level.
NEO/USD 4-hour price analysis: Price bounces higher to $10
The 4-hour Neo price analysis shows NEO prices have been trading along an ascending support line. The NEO prices are testing the ascending support line for the second time, and a breakout is expected. The upper limit of Bollinger’s band is present at $10.95, which serves as a resistance point for NEO. Conversely, the lower limit of Bollinger’s band is current at $8.56, which serves as another support point for NEO.
NEO price analysis reveals that the Relative Strength Index (RSI) is 50.28, signifying a stable value for NEO. Fortunately, this means that the cryptocurrency falls into a stable region. However, the RSI path can be seen following an upward movement indicating that the cryptocurrency is experiencing increasing value.
The NEO/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish movement. The market trend has recently entered the bullish territory in the last couple of hours. Since the market volatility appears to be following an upward direction, the trend will likely have more room to move towards either extreme. It seems the bullish era might stay for a long time.
NEO price analysis for 1-day: Neo price continues bullish flight as price touches $9.88
The 1-day Neo price analysis chart is indicating that the bulls have taken control of the market as they have managed to push the price up to $8.88. The 24-hour trading volume for the coin is $2,339,799,972 and the market capitalization is $7,012,032,618. The NEO/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish movement. The Moving average on a 1-day price chart is currently at $9.06, which is a good support level for the market.
The Relative Strength Index (RSI) for NEO is currently at 38.45, which is currently above the overbought zone. The RSI indicator is presently rising, suggesting that the bulls are still in market control. Both Bollinger bands for NEO are relatively close together, which suggests that the market is not overbought or oversold.
Neo price analysis conclusion: NEO commences bull run
To conclude, the Neo price analysis reveals that the market has a bullish short-term and medium-term outlook. Bulls and bears are expected to battle for control of the market in the short term, with $9.00 being a key level to watch. In the medium-term, however, it seems that the bulls are in control and prices are likely to continue to rise as long as the $8.56 support level holds.
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Source: https://www.cryptopolitan.com/neo-price-analysis-2022-09-10/