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•NEO/USD is currently priced at $10.90 and has increased by 6.32% over the past day
•The trading volumes have decreased by 7.43% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Neo bulls left clutching at straws
The Neo price today is $10.90 USD with a 24-hour trading volume of $66,645,538 USD. Neo is up 6.32% in the last 24 hours. The trading volumes have decreased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.08671 for the altcoin.
Neo Coin is transacting above the 20 SMA but below the 50 SMA on the four-hour chart. This represents indecision on the part of investors. If the price breaks through the 50 SMA levels which may act as a strong resistance, then a strong uptrend may be expected. In case the altcoin fails to sustain above the support levels, it may plunge below to hit the long-term support levels igniting a bearish market. The bears will look to push the price back towards $9.50 if the decline continues without buyer impetus. However, if buying action is able to drive the price upwards it could take price up to the $12 resistance.
Long Term View for Neo Price
The RSI for Neo Coin stands at 30.23 and is transacting marginally above the oversold territory, thus giving off a bearish signal. The red histograms gained strength over the past week on the daily MACD chart, but indecision amongst investors has resulted in the bearish momentum weakening over the past few days. Hence the momentum is still bearish as the MACD and signal lines are transacting in the negative zone.
Conclusion
The Neo price after dropping for a long time has witnessed some gains today. However, with limited buying volume, the asset may not be able to nullify the bearish trend. And hence no significant trend change may be witnessed in the altcoin.
Support: $9.50-$8
Resistance: $12-$15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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