NEO price analysis has revealed the NEO market to have partial bearish momentum with room for bullish potential because of the way the price has suddenly started to move upwards. For example, the NEO/USD price recently experienced a vast upward direction just before shifting on May 4, 2022, and the price went from $18.34 to $17.21 in no time. Then, unfortunately, the price further obtained a downward movement and went from $18.92 to $18.19.
The price appears to continue the declining movement; the cost of Neo has been up 1.26% in the last 24-hours, with a trading volume of $101,027,632 and a live market cap of $1,294,210,192. Neo currently ranks at #65 in the cryptocurrency rankings.
NEO/USD 4-hour price chart: Recent developments
Neo price analysis reveals the market’s volatility to be following a dormant trend. The price of NEO/USD is becoming resistant to experiencing variable change; the price will remain constant until the volatility fluctuates. The upper limit of the Bollinger’s band is present at $18.56, which serves as the strongest resistance for NEO. Conversely, the lower limit of the Bollinger’s band is present at $16.9, which serves as the strongest support point for NEO.
NEO/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish movement. The market trend has just recently shifted, and it seems that this will be a hard few days for NEO. As a result, the price appears to move upwards, signifying an increasing market and increment in the value of the cryptocurrency. The market appears to gain more positive momentum hour by hour. If this keeps up, the cryptocurrency will attain undervalued dynamics, and the market will undergo a breakout if the resistance breaks.
The Relative Strength Index (RSI) is 52, signifying a stable value for NEO. However, the cryptocurrency shows depreciating dynamics, as the RSI indicates severe declining dynamics. As a result, the cryptocurrency falls in the upper neutral region. The declining RSI score indicates dominant selling activity.
Neo price analysis for 1-day: The opens up
NEO price analysis indicates that the market’s volatility appears to be following a colossal increasing trend, meaning that the market shows massive signs of increasing volatility. This will result in a more volatile price for NEO. The upper limit of the Bollinger’s band is present at $22.9, which serves as the strongest resistance for NEO. Conversely, the lower limit of the Bollinger’s band is present at $16.43, which serves as the strongest support for NEO.
NEO/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish movement. However, the price path can be seen following an upward direction, indicating increasing dynamics.
The Relative Strength Index (RSI) is 39, signifying a stable NEO stock. This means that the cryptocurrency shows stable characteristics. However, the RSI path follows an upward movement indicating that the cryptocurrency will experience increasing value until the RSI score fluctuates, signifying dominant buying activity.
NEO Price Analysis Conclusion
NEO price analysis’s conclusion shows that the cryptocurrency’s current behavior indicates that it has shifted to a downward trend with the possibility of shifting to a partial bearish favor as the market shows massive upside potential. NEO/USD climbed with fatigue at the $18.92 mark just before the price declined to $18.19 on May 4, 2022.
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Source: https://www.cryptopolitan.com/neo-price-analysis-2022-05-04/