Crypto Analysis: Could The Price Of NEO Break Above $8.6?
The analysis of Neo’s price is quite bearish today. In fact, the crypto market as a whole is currently facing a negative market sentiment.
The crypto heat map below shows that Bitcoin’s value has gone down by 0.76 percent. At the same time, Ethereum has also dropped by 0.45%. Since Bitcoin controls the whole market, the other altcoins follow the same pattern.
A quick look at the 1-day chart of Neo price analysis gives us more information about the market’s current state.
As we can see, Neo’s price is currently around $8.6. Support is currently set at $8.0, and a lot of resistance has recently been seen around $9.5. We can see that Neo has mostly been moving sideways for the last few days. Based on the MACD analysis and RSI levels, it is expected to keep trading in a range for the next few days. No big price changes are expected. But people shouldn’t forget that cryptocurrencies are very volatile assets. So, there is always a chance of sudden drops or rises.
Neo 24-hour price change
The last 24 hours have been pretty interesting for the Neo price analysis. The price went straight from $8.88 to a 24-hour low of $8.57 before slightly going back up to its current price of $8.68.
If we look at the last 24 hours of data for Neo price analysis, we can see that its price has dropped by 2.40 percent. The market cap has gone down by the same amount, and the trading volume has gone down by 19.62 percent.
But the bearish momentum might be slowly fading. We can see that the MACD lines are getting ready for a crossover, and the RSI is still fairly balanced. Even though the RSI came close to the 30 mark twice, it quickly went back to normal. So, the next 24 hours can be bullish for NEO.
But considering how the market as a whole is doing, investors shouldn’t expect big pumps. For now, NEO continues to consolidate in the big picture. Still, there could be some volatility in shorter time frames.
4-hour Neo price analysis: Neo sets may have found new support at the $8.57 mark
The 4-hour Neo price analysis shows that the token recently found new support at the $8.57 mark. However, it hasn’t been tried yet. It can only be confirmed after double confirmation and a bounce up from that point.
Still, the 4-hour chart doesn’t show much positive price action coming up, other than a small bounce up from $8.57. But based on what we already know from the other time periods, we can safely say that the bears might be giving up. So, some positive movement is likely, but Neo will continue to trade in a range overall.
Summary:
The last 24 hours have been quite bearish for NEO/USD. Even though the bears’ momentum is slowly fading, they haven’t given up completely. In the next 24 hours, there may be some positive price changes, but traders shouldn’t forget that the overall mood of the market is still very negative.
