TL;DR Breakdown
- Neo price analysis shows a bullish trend
- The closest support level lies at $8.63
- NEO faces resistance at the $8.92 mark
The Neo price analysis shows an uptrend in the asset’s value over the past 24 hours, with NEO reaching a new high of $8.89 today. The market for NEO opened today at $8.80 and has been on an upward trajectory since, reaching a new high of $8.92 just moments ago. The closest support level for NEO currently lies at $8.63. At this level, the asset could see some consolidation before continuing its uptrend. However, should the price fall below this level, the crypto could see some selling pressure which could further push the price downwards.
At the same time, NEO currently faces resistance at the $8.92 mark and is struggling to break past it. This level has been limiting the asset’s gains since yesterday afternoon, despite strong buying pressure from traders looking to capitalize on NEO’s recent bullish momentum. If NEO can break past this level, the asset could see an even sharper increase in its price.
Neo price analysis 1-day price chart: NEO/USD returns to $8.89
Looking at the 1-day price chart for NEO, we can see that the asset has been on an uptrend since yesterday morning and is now back to its new high. The altcoin has gained about 2.96% in value over the past 24 hours and is now trading at $8.89 on most exchanges. At the moment, NEO’s market cap sits at around $627 million and the asset has a total circulating supply of 70 million coins. This suggests that there is strong buying pressure for NEO in the market which could be driving up its price.
The moving average convergence divergence (MACD) indicator is also showing signs of a strong bullish trend, with the MACD line above the signal line and both lines above zero. This indicates that NEO buyers currently have the upper hand in the market and could continue driving the price higher in the coming days. Further confirming this sentiment is the relative strength index (RSI), which is currently at 66 and trending upwards. The moving average indicator is also pointing to a strong uptrend at $8.63, suggesting that the bullish momentum for NEO could continue over the next few days.
Neo price analysis 4-hour chart: NEO/USD faces resistance at $8.92
Turning our attention to the 4-hour chart for Neo price analysis, we can see that the asset is currently facing strong resistance at the $8.92 mark and has yet to break through it. The green candle stick pattern on the chart indicates that buyers are struggling to push the price higher and could be pushing it back down in the near future.
In addition, the MACD indicator is also showing signs of a potential bullish trend, with both the histogram widening in green and the MACD line crossing above the signal line. However, the RSI is currently at a relatively neutral level of 53, suggesting that it could go either way in the near future. The 4-hour moving average, on the other hand, is pointing to a strong uptrend at $8.78, which could indicate that NEO buyers could still make further gains in the coming days.
Neo price analysis conclusion
Overall, the Neo price analysis shows a bullish trend and suggests that it could continue over the next few days. However, traders should keep an eye on key resistance levels at $8.92 and the closest support level at $8.63 to get a better idea of where NEO is headed in the near future. With strong buying pressure from traders and bullish sentiment around the asset, it would not be surprising to see Neo break past key resistance levels and continue its uptrend.
