Neo price analysis shows a slight downward trend in current market conditions. The crypto is trading at $9.14, at the time of writing. Prices have been trading between $8.97 and $9.33 over the past 24 hours. The next few hours may see upward price movement as the bears take a breather, but any rallies are likely to be short-lived as the overall trend remains bearish.
NEO/USD pair is bearish today as the price reaches a low of $8.97, after failing to sustain above the $9.33 resistance level. The bears are in control of the market and are likely to push prices lower in the next few hours. The most recent attempt at a corrective rally occurred last week, but this too was sold into, leading to the current decline.
Neo price action on a 1-day price chart: Bears are adamant as they push prices below $8.97
On 1-day timeframes, Neo price analysis is bearish today as prices slip below $8.97. The bears have been in control of the market for the last 24 hours and are likely to push prices lower in the next few hours. The 24-hour market cap for the Neo price analysis is currently at $643,940,859 and the trading volume is at $35,049,872.
The EMA50 and EMA20 are both close to crossing over on the 1-day chart, which is a bearish signal. The Relative Strength Index (RSI) is currently at 37.87 and is slowly rising, which indicates that the bears are losing momentum. The Moving Average Convergence Divergence (MACD) histogram is also bearish as it continues to decline.
Neo price action on a 4-hour price chart: Resistance at $9.33 is currently limiting upward momentum
The 4-hour timeframe for the Neo price analysis shows that the bears have been in control of the market for the last 4- hours. The bulls may take control of the market if prices manage to sustain above the $9.33 resistance level. A breakout above this level could lead to a move higher towards the $10.00 resistance level. However, any rallies are likely to be short-lived as the overall trend remains bearish.
The NEO/USD price appears to be crossing under the curve of the Moving Average Convergence Divergence (MACD) histogram, which is a bearish signal. The Relative Strength Index (RSI) is currently at 39.32 and is moving below the 50 level, which indicates that the market is bearish.
Neo price analysis conclusion
Overall, Neo price analysis shows that the market is bearish in the short term. Prices are likely to continue falling in the next few hours as the bears remain in control of the market. Both 1-day and 4-hour timeframe charts are bearish.
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Source: https://www.cryptopolitan.com/neo-price-analysis-2022-09-03/