- The NEO price has acted as a weak point for the bears to grab control of the daily price chart after trading on a favorable rising movement.
- The reversal has begun as the coin being oversold attracted the buyers.
- The NEO/BTC pair is at 0.0004764 BTC which is at a gain of 2.06%.
After trading on a flattering uptrend movement, the NEO price has served as a weak point for the bears to seize control of the daily price chart. This downtrend movement will destroy the efforts made by the NEO bulls. This return of bearish dominance is a result of BTC domination, as the BTC is the leader of the cryptocurrency its movement affects the rest of the market.
The NEO bulls are trying hard, but the bearish dominance is not letting the bulls make a visible move. The trading volume has started sinking and is at a decrease of 2% at present. This should be a concern for the NEO bulls or else the situation will be rough if the bears pushed the price to its all-time low.
The current price for one NEO coin is trading at $10.94 which is a gain of 5.76% in its market capitalization in the last 24 hrs. The coin has a trading volume of 48 million which is at a gain of 2.75% in the 24 hrs trading session and has a market cap of 771 million. The volume market cap ratio is 0.06249.
Can NEO Bulls Make a Reversal?
On observing the short term (4 hrs) price chart we can see the preparation for the reversal has begun and if the situation persists, the efforts will be soon visible on the long-term chart.
The MACD over the hourly chart shows the seller’s line is moving above the buyer’s line but the gap between them is decreasing gradually along with the red histograms. The relative strength index shows the price got oversold and that attracted the buyers and are now making the price climb. The RSI value is nearly equal to 40.
Conclusion
After trading on a flattering uptrend movement, the NEO price has served as a weak point for the bears to seize control of the daily price chart. One of the major reasons behind this domination is the greatest denominator of the market, BTC. While observing the hourly chart we can observe the preparation for reversal has begun and the technical indicators are also in favor of this. If the situation persists the efforts will be soon visible on the daily chart.
Technical levels
Resistance levels: $12 and $13.47
Support levels: $8.96 and $7.81
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/11/neo-price-analysis-will-neo-sustain-this-bearish-movement/