The Neo price analysis shows that the coin is currently in a bearish trend as it plummets to $8.84. This is after the digital asset enjoyed bullish action and touched the $8.8 level. However, the bears have taken control of the market, and NEO/USD prices are now facing resistance at $9.56 and support at $8.13.
Bears are striving to push the prices below the $8.13 support. A break below this level could see the price head towards the $8.0 mark. On the other hand, if the bulls can manage to push the prices above $9.56, we could see a move towards $10.
Neo price analysis 24-hour chart: NEO/USD market likely to decline further
The 1-day price chart for Neo price analysis shows that the bears are defining the price curve today. The NEO/USD was corrected after a slight bullish price movement yesterday. NEO/USD pair is trading hands at $8.84 at the time of writing. The pair has lost a 4.75 percent value over this time period. The 24-hour trading volume for the digital asset is around $30 million, and the total market capitalization is approximately $643 million.
The moving averages shown on the 1-day chart are all in a bearish alignment with the 20-day SMA ($9.21) located below the 50-day SMA ($9.25), and the 200-day SMA line ($9.40) located below them both. The RSI indicator is currently at the 46 level, which indicates that the market is in neutral territory. The Bollinger Bands show that the NEO prices are currently trading close to the lower Bollinger Band, which is an indication of bearish pressure in the market.
NEO/USD 4-hour chart: Neo Price goes down to $8.84
The 4-hour price chart for Neo price analysis shows that the bulls and the bears are currently in a tug of war as both sides attempt to control the market. The Bollinger Bands in this timeframe are relatively close together, which is an indication of low volatility in the market. The upper Bollinger Band is located at $9.48, while the lower Bollinger Band is at $8.12.
The 200-day SMA line is below the 50-day SMA line, which is an indication that the market is in a bearish trend. The 20-day SMA line is currently located below the other two moving averages, which further confirms the bearish trend in the market. The RSI indicator is falling towards the oversold territory, which is a sign that the bears are in control of the market.
Neo price analysis conclusion
To conclude, the Neo price analysis shows that the coin is correcting today and may continue to follow a downtrend for today as the bears look to push the prices below $8.13. The technical indicators are also supportive of a bearish trend in the market. However, if the bulls can muster enough strength to push prices above $9.56, we could see a move towards $10.
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Source: https://www.cryptopolitan.com/neo-price-analysis-2022-09-08/