NEO prices remain bearish as prices consolidate below the previous support of $23.0

TL;DR Breakdown

• Neo price analysis is bearish
• NEO prices are down by 2.29 percent
• Support for Neo prices is present at $21.71

Neo price analysis shows a continued bearish sentiment as NEO prices consolidate below the previous support of $23.0. Prices are down by 2.29 percent in the last 24 hours, and the outlook remains bearish in the short term. Neo prices are facing strong upward resistance at $23.12, and a breakout above this level is needed for prices to resume their upward journey.

Neo price analysis reveals the prices have moved between a range of $23.12 and $21.71 in the last 24 hours as the trading volume sits at $134,665,938.43.The market sentiment is currently facing a bearish pressure as more selling pressure is anticipated in the market. The digital asset is currently ranking at position 63 while it dominates 0.08 percent of the overall cryptocurrencies market.

The 1-day NEO/USD price chart shows that the prices have been consolidating in a descending triangle pattern for the past few days. Prices have found support at $21.71 and are currently facing resistance at $23.12. A breakout above this level is needed for prices to resume their upward journey as the bullish momentum gathers pace.

The MACD indicator is currently in bearish territory as the signal line (blue) crosses below the MACD line (red). The RSI indicator for NEO/USD is currently at 38.97 which indicates that prices are presently oversold in the market and a rebound can be expected in the near term. The Bollinger bands are currently expanding which indicates that increased volatility can be expected in the market.

Neo price analysis on a 4-hour price chart: Sell-off pressure may resume as the bearish crossover persists

The 4-hour NEO/USD price chart shows that prices have found some support at $21.71 as the sell-off pressure subsides in the market. Prices are currently trading between $23.12 and $22.18, and further downside may be expected if prices fail to break out above the resistance level.

The technical indicators on the 4-hour price chart signal a bearish market as the MACD line (red) crosses below the signal line (blue). The RSI indicator for NEO/USD is currently at 38.83 which indicates that prices are presently oversold in the market and a rebound can be expected in the near term. The Bollinger bands are now expanding indicating that increased volatility can be expected in the market. The lower band of the Bollinger bands is currently at $21.71 and a break below this level may see prices retesting the $20.00 support level.

Neo price analysis conclusion

Neo price analysis shows that NEO prices have been down by 2.29 percent in the last 24 hours as the market sentiment remains bearish. Prices have found some support at $21.71, and further downside may be expected if prices fail to break out above the resistance level of $23.12.However, if bulls come in to push prices above the $23.12 level, a rally may ensue that could see prices testing the $25.00 resistance level in the near term.

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