Neo price analysis shows a continued bearish sentiment as Neo prices consolidate below the previous support of $12.00. Prices have currently set a new support level at $11.00 while they face resistance at the $12.36 mark. The market is expected to see lower prices as the bearish pressure continues.
The market is currently trading at $11.16. NEO prices have been under immense bearish pressure as the cryptocurrency market corrects lower. Prices had surged to highs of $15.00 as investors bought the dip in the market. However, since then, prices have been on a steady decline and are currently consolidating below the $11.00 level. The market capitalization is currently at $787,497,127, and the 24-hour trading volume is at $108,410,543
Neo price action on a 1-day price chart: NEO/USD prices consolidate
The 1-day Neo-price analysis price chart shows that the prices have been struggling to break out of the descending triangle pattern that has been forming since early May. The market is expected to see some consolidation in the near term as the bulls and bears battle for control of the market. Prices have found support at the $11.00 level and are currently facing resistance at the $12.36.
The RSI is currently in the oversold territory, but there is scope for further downside. The RSI line is residing at the 29.00 level and is currently trending in the downward direction. The MACD indicator is also bearish as the signal line is above the price line. The current market price is trading well below the 50 and 100-day EMA levels, which is a bearish sign.
Neo price analysis on a 4-hour price chart: Resistance at $12.36 is currently limiting upward momentum
Neo price analysis on a 4-hour price chart shows that prices have been consolidating below the $12.36 resistance level after a sharp decline from the highs of $15.00. Prices are currently trading close to the lower boundary of the descending triangle pattern and are expected to see some consolidation in the near term. The market is expected to remain bearish as long as prices are trading below the $12.36 level.
The MACD line is currently above the signal line, which is a bearish sign. The RSI indicator for NEO/USD is currently at the 37.00 level and is trending in a downward direction. The current market price is trading well below the 50, 100, and 200-day EMA levels, which is a bearish sign
Neo price analysis conclusion
Neo price analysis for today indicates a bearish market sentiment as the prices dip lower to the support line. The bears have established a firm bearish trend as the market shifts to the downside. The technical indicators are also supportive of the bearish trend in the market. The prices are anticipated to decline further as the selling pressure intensifies. The key support levels to watch out for are $11.00 and resistance is at $12.36.
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Source: https://www.cryptopolitan.com/neo-price-analysis-2022-05-23-2/