Neo price analysis: NEO/USD might be gearing to retrace upwards after touching $6.42

Today has been quite neutral for Neo price analysis. Yesterday, the price of Neo closed at $6.71 after falling from $7.5. Today, the price dipped to $6.42 and then returned back to $6.68 near the end of the day (UTC). So, there has not been any significant decrease in the price.

crypto heat map 2
Cryptocurrency heat map by Coin360

The crypto heat map also shows us that the market has not been very volatile today. Bitcoin has only increased by 0.76 percent while Ethereum went up slightly by 1.58 percent. However, after the consistently bearish days this week, this seems to be a positive sign.

1-day Neo price analysis
Neo Price Chart by TradingView

The 1-day Neo price analysis shows us that the market is in a balanced state as the RSI is touching 42. It is neither overbought nor oversold. It appears that Neo has found support at the $6.42 mark. However, it is yet to make a retrace up. So, we are not sure whether this is the start of a reversal.

24-hour Neo price analysis

The last 24-hours have been quite interesting for Neo. The price was already nearing the support level when the day started. After touching $6.42, the market quickly reversed, and Neo entered a range for the day. NEO/USD set a 24-hour high at $6.71 after that. However, it is obvious that the price movement is not very significant today. This is nothing but an attempt from the bulls to regain control and bleed out the bears slowly. In the next 24 hours, we might see some positive price action.

4-hour Neo price analysis: Will NEO/USD go up in the next 24 hours?

4-hour Neo price analysis
Neo Price Chart by TradingView

Considering the fact that Neo may have found support around $6.42 and that the bearish momentum seems to be over, for now, Neo might actually start retracing up in the next 24 hours. The RSI on the 4-hour chart shows that the market is slightly leaning towards an underbought side. Although, most would argue that an RSI of 35 is balanced.

At the same time, the MACD indicator shows that the strength of the red histograms is decreasing, suggesting that the market may be ready for a shift now.

Neo price analysis: Conclusion

It might be time for Neo to recover a little. Neo price analysis has been balanced today. So, it is certain that the bulls have caught up with the negative price action. In the next 24 hours, Neo might retrace by some amount, allowing short-term traders to take quick profits. In the long term, though, Neo price prediction would be different. As always, traders should remember that cryptocurrencies can be volatile, and the market is highly speculative.