Press "Enter" to skip to content

Price Analysis of NEO: Markets still confused on which road to take

Latest News

NEO- the cryptocurrency has been moving sideways for three days without any major surge or drop. The price of NEO at the press time was $11.106 with a market cap close to $790 million. CoinBene- world’s leading blockchain financial derivatives service platform traded the maximum amount of NEO which was about $38 million.

1 Hour Chart

1 Hour Price Analysis of NEO
Source: NEO / USD TradingView

The one hour chart exhibited a downtrend extending from $13.617 to $11.284 and an uptrend from $10.246 to $10.689. The resistance stood at $11.304 and there was support held at $10.352.

The Bollinger Bands seems to be converging reducing the volatility of the coin.

The Awesome Oscillator showed that there is no strong momentum in either of the markets but since the last bar is red, it denotes that the coin was in the bearish market.

Chaikin Money Flow: The CMF line seemed to have crossed over the zero line and was further moving down indicating that the outflow of the capital was way more than the inflow pushing the coin to the bear market.

1 Day Chart

1 Day Analysis of NEO
Source: NEO / USD TradingView

The one day chart exhibited a major downtrend extending from $24.153 to $12.968 and an uptrend from $8.111 to $9.759. The resistance stood at $11.790 and there was support held at $8.523.

Parabolic SAR: The dotted lines below the sticks were moving upwards indicating the presence of the coin in the bullish market.

MACD: It is clear that the MACD line was over the signal line (at the time of writing) meaning that the coin was under a bullish trend.

Relative Strength Index: The RSI line crossed over the 50-line and is closing towards the 70-line showing that the buyers are very active pushing the coin to the bullish market.

Conclusion

The short term chart suggests that the coin was in the bear market while the long term chart suggests that it was in the bull market making the analysts uncertain of its position in the market.

 

 

 

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.