NEO price analysis has revealed the cryptocurrency market to maintain a partial bearish momentum with strong conservation possibilities as the price moves steadily downwards. For example, the NEO/USD price recently crashed to a considerable decline on May 14, 2022, and the price went from $10.7 to $9.7 in no time. However, today the price shifted to an upwards trend rising the price to $10.21 but showing uncertainty in the direction it is moving on May 16, 2022.
NEO has been down 4.84% in the last 24-hours with a trading volume of $72,050,383. Neo currently ranks at #68, with a live market cap of $720,718,304.
NEO/USD 4-hour price analysis: Latest developments
NEO price analysis reveals the market’s volatility to be following a slightly decreasing trend, meaning that the price of NEO/USD is becoming less prone to experience variable change. The upper limit of the Bollinger’s band is present at $11.18, which serves as the strongest resistance for NEO. Conversely, the lower limit of the Bollinger’s band is present at $9.7, which serves as the strongest support point for NEO.
The NEO/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish movement. The market trend has recently entered the bearish territory in the last couple of hours. Since the market volatility appears to be following a downward direction, the trend will likely have less room to move towards either extreme. It seems the bearish era might stay for a long time. However, that depends on whether the price will break the support or not.
The Relative Strength Index (RSI) is 41, signifying a stable value for NEO. Fortunately, this means that the cryptocurrency falls in the lower neutral region. However, the RSI path can be seen following an upward movement indicating that the cryptocurrency will experience increasing value and may soon enter the stable category, which will result in complete stability for the cryptocurrency.
NEO price analysis for 1-day: NEO/USD gains tremendous value
NEO price analysis indicates that the market’s volatility appears to be following an opening trend, meaning that the market shows more signals towards experiencing volatile change. This will result in a more variable price for NEO. The upper limit of the Bollinger’s band is present at $21.75, which serves as the strongest resistance for NEO. Conversely, the lower limit of the Bollinger’s band is present at $8.3, which serves as the strongest support for NEO.
The 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 movement, indicating an increasing market for cryptocurrency. The market appears to have broken yesterday, which resulted in the upwards movement of the price and the increasing volatility.
NEO price analysis shows that the Relative Strength Index (RSI) is 27, signifying an undervalued sign for NEO. Unfortunately, this means that the cryptocurrency falls in the underbought region. However, the RSI path can be seen following a declining movement indicating that the cryptocurrency is experiencing massive value depreciation.
NEO Price Analysis Conclusion
The conclusion of the NEO price analysis shows that the recognition made of the current behavior of the cryptocurrency indicates that it is following an uncertain downward trend with the possibility of maintaining its energy and keeping the market. NEO/USD climbed with fatigue at the $11 mark; the price reached $10.77 on May 16, 2022. The market shows vital signs of a bearish period for the time being.
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Source: https://www.cryptopolitan.com/neo-price-analysis-2022-05-16/