Neo price analysis confirms an increasing trend for cryptocurrency today as the coin value has increased tremendously, reaching above $6.95, the resistance level for NEO/USD is at $6.96 and the support level is at $6.76 and has seen a slight price increase of 2.56% in the past 24 hours. The bullish momentum we are seeing in this market will likely continue as more investors and traders enter the space and push up prices. The coin’s market capitalization stands at $489,905,846 and NEO/USD pair has a 24-hour trading volume of $18,345,968.
Neo price analysis on a 4-hour price chart: Bulls stumble to keep control
The 4-hour Neo price analysis favors the bullish side as a strong rise in NEO/USD value was detected in the past few hours. The bulls have been dedicated to rewin their leading position in the market, and so far, their progress has been fascinating. The price experienced a rise to $6.95 in the last four hours because of the upturn. Overall the price action has been headed upward for the last 4 hours.
The Relative Strength Index (RSI) is currently at 51.92 which indicates the market is neither overbought nor oversold. The 50 MA is currently at $6.96 and is acting as support for the market, while the 200 MA at $7.01 is serving as resistance. The Bollinger bands are also indicating a bullish trend as the upper band is at $7.18 and the lower Bollinger band is at $6.74, which means that the market has strong upward momentum in this range.
NEO/USD price analysis of 1-day price chart: Bullish momentum continues
The 24-hour chart for Neo price analysis reveals a strong bullish trend for today as the coin value has significantly improved. The effort from the buyers’ side remained commendable and persistent throughout the last 24 hours. And now, the circumstances are again in support of the bulls as the price covered an upward movement up to a $6.95 higher position gaining a 2.56%.
The volatility in the one-day price chart is still at the lowest level and it is a sign of a very stable uptrend. To determine the support levels, we can look at the upper Bollinger bands at $7.21 and the lower ones at $6.48.The relative strength index (RSI) is currently at 46.74 which indicates that the market is oversold. The Moving Average is currently at $6.95 which is a good sign for the buyers.
Neo price analysis conclusion
To conclude, the current upward trend in Neo price analysis is likely to persist in the near future, as it appears that buyers are determined to retake control of the market. The bullish current is expected to intensify in the upcoming hours as bulls aim for a $6.96 resistance level.
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Source: https://www.cryptopolitan.com/neo-price-analysis-2022-12-08/