•NEO/USD is currently priced at $9.34 and has decreased by 4.65% over the past day
•The trading volumes have increased by 4.28% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Neo Price succumbs to the bearish influence
The Neo price today is $9.34 USD with a 24-hour trading volume of $40,593,369 USD. Neo is down 4.65% in the last 24 hours. The trading volumes have increased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.06163 for the altcoin.
Neo Coin is currently in a downtrend and is trading closer to its immediate support level as the market received a fall in buying strength. The Neo price is currently transacting below the 20,50 SMA on the four-hour chart which is indicative of the downtrend at play in the market. If buyers find a way back into the market then the coin can attempt to trade near the $10 price mark. However, a rejection from the aforementioned levels would signal a continuation of the downtrend which could push the altcoin towards the support level placed at $9.
Long Term View for Neo Price
The RSI for Neo is showing decreasing strength of the price action. It is currently transacting at 36.39 and is fast approaching the oversold territory. On the other hand, the MACD indicator shows that the MACD line has entered the negative zone and the signal line is about to follow suit in the coming days. This may assist selling in extending the downfall as the red histograms keep increasing in size on the daily chart.
Conclusion
Neo Price seems to be under pressure after last week. From a technical standpoint, the altcoin is tilting heavily towards the bearish side. The analysis will be negated if the price convincingly breaks above the resistance level. The upcoming days will provide us with an insight into the future course of the coin.
Support: $9.20-$9
Resistance: $9.50-$10
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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