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Neo price analysis: Bearish trend continues below $10.0


www.cryptopolitan.com 14 May 2022 15:10, UTC
Reading time: ~4 m

Neo price analysis for today shows a bearish market sentiment in the last 24 hours. Bears seem to have increased their grip as prices have neared and breached below $10.0 support. The market is currently trading at $9.86, which is the immediate support level. The bearish trend looks set to continue in the near term as the 12 percent decline in prices shows no signs of abating. The technical indicators are also supportive of bearish market sentiment in the near term. The MACD is currently in bearish territory and is signaling a continued downtrend.

Contents hide
1 Neo prices in the last week lose close to 20 percent
2 NEO price action on a daily price chart: Bears mount pressure as prices fall below $10.0
3 Neo price analysis on a 4-hour price chart: Prices set for a further decline
4 Neo price analysis conclusion

Neo prices in the last week lose close to 20 percent

Neo price analysis indicates a bearish trend in the market and is also being reflected in the weekly chart as prices have declined by close to 20 percent in the last week. The market is currently trading at $9.86, which is the immediate support level. The key resistance levels to watch out for are $10.0 and $10.

The cryptocurrency market has undergone a sharp correction in the last few days and prices have declined across the board. However, it is important to note that the market is rebounding from these levels and there is a possibility of prices bouncing back in the near term. Bitcoin is up by down by 5.27 percent while Ethereum is down by 6.04 percent while the gainers of the day are USDC and BUSD.

Cryptocurrencies prices heatmap, source: Coin360

NEO price action on a daily price chart: Bears mount pressure as prices fall below $10.0

The bearish trend in the market is also being reflected in the weekly chart as prices have declined by close to 20 percent in the last week. The prices are trading along with the 9 EMA support levels. The SMA50 is placed well below the current market price. The RSI is currently in the oversold territory, but there is scope for further downside. The $10.0 and $9.5 are important support levels to watch out for in the near term as a breach of these levels could see prices decline towards $8.0 levels.

NEO/USD 1-day price chart, source: TradingView

The RSI is currently in the oversold territory, but there is scope for further downside. The RSI line is residing at the 30 price level. The current market price is trading well below the 50 and 100-day EMA levels, which is a bearish sign. The MACD is currently in bearish territory and is signaling a continued downtrend.

Neo price analysis on a 4-hour price chart: Prices set for a further decline

The bearish trend in the market is also being reflected in the 4-hour chart as prices have declined by close to 12 percent in the last 24 hours. The market is currently facing a sell-off as the prices have breached below the $10.0 support level. The RSI is currently in the oversold territory, but there is scope for further downside as the RSI line is residing at the 30 price level.

NEO/USD 4-hour price chart, source: TradingView

The market volatility is decreasing as the Bollinger bands are narrowing. The key support levels to watch out for are $9.5 and $8.0.The MACD line is above the signal line, but the histogram is on the negative side. This indicates that the prices are likely to continue falling in the near term.

Neo price analysis conclusion

Neo price analysis for today indicates a bearish market sentiment as the prices dip lower to the support line. The bears have established a firm bearish trend as the market shifts to the downside. The technical indicators are also supportive of the bearish trend in the market. The prices are anticipated to decline further as the selling pressure intensifies. The key support levels to watch out for are $9.5 and $8.0.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.


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