https://ift.tt/BqbfhN5 price analysis: NEO/USD negative at $21.08

TL;DR Breakdown

• NEO price analysis appears to be bearish.
• The strongest resistance is present at $26.18.
• The strongest support is present at $17.70.

NEO price analysis has revealed the cryptocurrencys’ market to have bearish momentum with further depreciating potential because of the way the price has suddenly started to decline. The NEO/USD price recently experienced a vast upwards direction just before shifting on February 24, 2022, and the price went from $17.03 to $21.40 in no time. Today, the price suddenly obtained a downward movement and went from $21.40 to $21.08.

The price appears to continue the declining movement; the price of Neo has been up 17.87% in the last 24-hours, with a trading volume of $322,391,814 and a live market cap of $1,486,786,643. Neo currently ranks at #58 in the cryptocurrency rankings.

NEO/USD 4-hour price chart: Recent developments

The NEO price analysis reveals the market’s volatility to be following an inclining trend, meaning that the price of NEO/USD is becoming more prone to experience variable change. The upper limit of the Bollinger’s band is present at $22.04, which serves as the strongest resistance for NEO. Conversely, the lower limit of the Bollinger’s band is present at $17, which serves as the strongest support for NEO.

The NEO/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish movement. The market trend has just recently shifted, and it seems that this is going to be a good day for NEO. However, the price appears to move downwards, signifying a declining market and depreciation of the cryptocurrency value.

The Relative Strength Index (RSI) is 52, signifying a stable value for NEO. This means that the cryptocurrency shows no sign of moving towards the overbought lot or the undervalued lot. The cryptocurrency falls in the upper neutral region. However, the RSI path can be seen following a downwards movement indicating that the cryptocurrency will experience decreased value. The declining RSI score indicates dominant selling activity.

NEO price analysis for 1-day: Market shows positive potential

The NEO price analysis indicates that the market’s volatility appears to be following a dormant trend, meaning that the market shows no signal towards increasing or decreasing volatility. This will result in a more stable price for NEO. The upper limit of the Bollinger’s band is present at $26.18, which serves as the strongest resistance for NEO. Conversely, the lower limit of the Bollinger’s band is present at $19.14, which serves as the strongest support for NEO.

The NEO/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish movement. However, the price path can be seen following an upwards movement, indicating a future reverse trend for NEO.

The Relative Strength Index (RSI) is 46, signifying a stable value for NEO. This means that the cryptocurrency shows no sign of moving towards the overbought class or the undervalued category falling in the lower neutral region. However, the RSI path can be seen following a downwards movement indicating that the cryptocurrency will experience decreased value, signifying dominant selling activity.

NEO Price Analysis Conclusion

The conclusion of the NEO price analysis shows that the current behavior of the cryptocurrency indicates that it is following a wobbly downwards trend with the possibility of going uphill very soon. NEO/USD climbed with fatigue at the $22 mark; the price reached $21.40 on February 24, 2022.

Chart analysis shows bearish dynamics with bullish possibilities. It is predicted that NEO may quickly enter the $22 mark range, but this depends on the volatility of the support; if current support fluctuates, we could see a drop in prices up to $17.

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