Neo price analysis shows NEO prices have been consolidating around $7.00 for the past hours. The prices opened the daily trading session with an intraday high of $7.93 and have been fluctuating between $7.57 and $7.93 since then. This week, the altcoin’s greatest challenge has been to break above the $7.93 resistance. NEO/USD corrected lower yesterday.
Neo price analysis reveals NEO’s current price is $7.92 and has increased by a small value of 3.93 percent in the last 24 hours. The bulls have been defending the key support of $7.57 for the past few days and have not allowed the price to drop below this level.
Neo price analysis 1-day price chart: Firm bullish sentiment forms
The 1-day Neo price analysis reveals that the cryptocurrency has formed an ascending parallel channel. The bear and the bulls have been locked in a close fight as the prices have fluctuated between $7.05 and $7.95 for the past week. The Relative Strength Index for NEO/USD is currently trading at 7.92, which suggests that the digital asset is neither overbought nor oversold. The MACD indicator shows that the Neo price is slowly gaining traction as the fast-moving line crosses above the signal line.
The exponential moving averages are sloping upwards, which indicates that the path of least resistance is to the upside. The 20 EMA is currently at $8.09, while the 50 EMA is at $7.91. The breakout above the $7.93 level can be seen as a positive development, but the digital asset will have to sustain its prices at higher levels to confirm the bullish move.
Neo price analysis on a 4-hour chart: NEO/USD pair in a bullish trend
The hourly Neo price analysis shows that the digital asset surged upwards and broke out of the $7.92 level. The bulls are currently attempting to push the prices toward the key resistance which is seen at $7.93, and if they are successful, a move toward the $8.00 level can be expected in the near term. The key support for NEO/USD is seen at $7.57, and a break below this level can result in further selling pressure as the prices may retest the $7.30 support level.
The relative strength index is currently at 48.24 and is slowly rising towards the overbought region, which suggests that the prices may consolidate at current levels before a breakout. The MACD indicator indicates that the Neo price is gaining momentum as the fast-moving line crosses above the signal line. The 20 EMA is currently at $8.36, while the 50 EMA is at $8.06.
Neo price analysis conclusion
To, conclude, the Neo price analysis shows that the digital asset has surged upwards and is currently trading at $7.92. The hourly and daily charts both indicate that the bulls are in control of the market. Bears may step in and push the prices lower if the digital asset fails to sustain its prices at higher levels.
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Source: https://www.cryptopolitan.com/neo-price-analysis-2022-10-22/