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NEO Price Analysis: The bears gain control over the markets

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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 $11.143 with a market cap close to $785 million. CoinBene- world’s leading blockchain financial derivatives service platform traded the maximum amount of NEO which was about $40 million.

1 Hour Chart

1 hour analysis of NEO
Source: NEO / TetherUSD TradingView

The one hour chart shows an uptrend extending from $10.254 to $11.015 and a downtrend extending from $11.522 to $11.244. The resistance was at $11.244 and the immediate support was held at $11.068 and the subsequent support was at $10.822.

The Bollinger Bands have begun to squeeze lightly after traveling parallel for some time, reducing the volatility of the coins.

The MACD line and the signal line had just seen multiple trend reversals placing the signal line on top of the MACD line putting the coin under a bearish trend.

Relative Strength Index: The RSI line was swaying under the 50-line indicating that the selling pressure was gaining strength pushing the coin to the markets of bear.

1 Day Chart

1 day analysis of NEO
Source: NEO / TetherUSD TradingView

The long term chart exhibited a downtrend extending from $20.867 to $12.140. The immediate resistance stood at $12.552 and a subsequent resistance stood at $13.950. The support was held at $8.525.

Parabolic SAR: The dotted line below the candlesticks was clearly going up indicating the presence of the coin in the bearish market.

Chaikin Money Flow: The CMF line was over the zero line pushing the coin to the market of bulls.

The Awesome Oscillator showed that the last bar was green indicating that the coin with a very light momentum was entering the bullish market.

Conclusion

All the indicators in the short term chart and the Parabolic SAR in the long term chart indicated that the coin was under the bearish markets.

 

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