Press "Enter" to skip to content

NEO Price Analysis: The bears in rule over the market

Cryptocurrency


NEO- the cryptocurrency ranks 18 according to the stats of Coinmarketcap. The price of NEO at the press time was $11.24179 with a market cap close to $794 million. CoinBene- world’s leading blockchain financial derivatives service platform traded the maximum amount of NEO which was about $36 million via the NEO / USDT pair.

2 Hour Chart

Source: NEO / USDT TradingView

The short term chart exhibited a downtrend extending from $13.309 to $11.358 and an uptrend from $7.7545 to $10.5821. The resistance stood at $11.3083 and the support was held at $10.7040.

The Bollinger Bands seemed to be slowly diverging thereby increasing the volatility of the tokens.

The Awesome Oscillator showed that the bars were varying constantly but since the last bar was red, (at the time of writing) the coin was facing a bearish sentiment.

Chaikin Money Flow: The CMF line was over the zero line at the press time, the coin was in the bearish market as the inflow was more than the outflow of the capital.

1 Day Chart

Source: NEO / USDT TradingView

The daily chart exhibited an uptrend extending from $8.307 to $10.219 and a downtrend extending from $20.845 to $12.533. The resistance stood at $12.5573 and the immediate support was at $10.3378 and the subsequent support was at $8.4961.

Parabolic SAR: The dotted line above the candlesticks was drawing a downward path pushing the coin to the markets of bears.

Relative Strength Index: The coin had just breached the overbought section and it was swaying over the 60-line indicating a higher buying pressure in the bullish market.

The MACD line was and the signal line had just gone through a trend reversal pushing the signal line over the MACD line indicating a bearish trend.

Conclusion

Most of the indicators (both short term and long term combined) suggest that the coin was under a bearish influence at the press time.

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.