Neo price analysis recently reveals a bullish market sentiment after the cryptocurrency broke above the $8.57 level. The NEO/USD pair has found support at $8.22 and is currently trading above this level. The next level of resistance for the Neo price is at $8.63, which if broken could lead to further gains in the coming hours.
The bulls have been at the lead for the past two days, which is why a constant uptrend has been observed. The coin started the day at $8.42 and has managed to climb above the $8.50 level, and has seen a slight price increase of 1.50% in the past 24 hours. The market cap for the coin is at $606 million and the 24-hour trading volume is at $38.8 million.
Neo price action on a 1-day price chart: NEO/USD trades above $8.57
The 1-day Neo price analysis is predicting a rise in price as the bulls are trying to make a recovery for the second day consecutively. The price has moved up to the $8.57 level, above $8.00, as it establishes a higher high on the 1-day chart.
The 50-day and 200-day moving averages have maintained their bullish crossover, indicating the further potential for gains in the near term. The RSI indicator is at 63.32, showing that NEO/USD is currently in the neutral zone but with bullish momentum. The Moving Average Convergence Divergence (MACD) shows a bullish crossover, indicating that the buyers are in control of the market.
Neo price analysis on a 4-hour price chart: Neo starts to recover after the previous loss
The 4-hour chart for Neo price analysis shows that the bulls have managed to push the price above $8.50, as it rebounds after the previous losses, the bears had taken control of the market for a brief period, but the bulls have regained momentum. The market has made a higher high, indicating a potential for further gains in the near term.
The 50 MA is currently at $8.26 and is acting as support for the market, while the 200 MA at $8.54 is serving as resistance. The MACD indicator on the 4-hour price chart shows the indicator is currently above the zero-line, indicating bullish momentum in the market. Lastly, the Relative Strength Index (RSI) index has moved up to index 59 as well, which is still a neutral number, but the upwards curve of the indicator is hinting at the buying activity in the market.
Neo price analysis conclusion
To conclude, Neo price analysis shows that there has been a rise in today’s price as the bulls are trying to situate themselves on the price chart. NEO/USD price is now at the $8.57 level, encouraging the buyers. From a technical standpoint, Neo price analysis shows that the digital asset has broken out of a descending triangle pattern, which is a bullish sign. The breakout has occurred with good volume, which is another bullish sign.
Source: https://www.cryptopolitan.com/neo-price-analysis-2022-10-26/