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According to NEO price analysis, the present market patterns are visibly altering. Today’s research indicates that the price dropped for a while before reaching a low of $12.01. Since the bulls were attempting to raise the price levels after April 4, 2023, but now, the weekly trend also shows that the bears are currently in control. As today, bears drove the price down once more. It is also conceivable to predict that price levels will continue to decline because support is still present below at the $11.57 level.
NEO price analysis: NEO drops by roughly four as price decline
Given that the price function was already under negative pressure, the one-day NEO price analysis saw a considerable decline in price today. Today, the price of the cryptocurrency dropped to $12.01 after failing to fend off negative pressure. The value of the cryptocurrency has decreased by 4.12 percent and 3.71 percent, respectively, over the last day and the last week.
The moving average (MA) displays an average value that is higher than the current price, $12.23, as computed. More damage has been done over the last week, which has led to a low Relative Strength Index (RSI) score of 49. The indicators’ downward slope gives some indication of market selling activity.
Since there has been more bearish than bullish activity over the past week, the volatility is decreasing as the Bollinger bands converge. While the upper band hit $13.17, the level of the greatest resistance, the lower band came up to $11.59, the level of the strongest support.
NEO/USD 4-hours chart: Recent developments and further technical indications
The coin value has significantly decreased to $12.01 according to the 4-hour NEO price analysis data. As the price levels continued to decline, there was steady selling pressure in the market today. With mild volatility, the Bollinger bands average now displays a $12.13 value. Additionally, the SMA 20 has made a little downward turn at the finish, which is a very strong bearish indicator.
The fast price decline caused the volatility to rise, pushing the upper band to $12.61 and the lower band to $11.64. On the other side, the moving average in the candlestick chart displays an overall average of $12.25. The RSI score today dropped into the bottom half of the neutral region at index 46 as more red candlesticks appeared.
NEO price analysis conclusion
The past week has been critical for the cryptocurrency, according to the NEO price analysis. The bearish pressure has been immense as the price levels keep falling. It’s terrible news for buyers that the coin is currently losing value. NEO/USD might find support at the $11.57 level.