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Price Analysis of NEO: The coin try to set in the bearish realm

Cryptocurrency

NEO- the cryptocurrency has not seen much of a major surge or a drop and has been traveling sideways for quite a long time. The price of NEO at the press time was $10.97 with a market cap close to $774 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 / Tether USD TradingView

The short term chart exhibited a downtrend extending from $13.37 to $11.71 and an uptrend from $1.16 to $10.89. The resistance stood at $11.31 and the support was held at $10.66.

The Bollinger Bands were undergoing a constant squeeze thereby reducing the volatility of the tokens.

The Awesome Oscillator showed that the red bars were gaining momentum indicating that the coin was facing a bearish sentiment.

Chaikin Money Flow: The CMF was heading towards the zero line but since it was under the zero line at the press time, the coin was in the bearish market.

1 Day Chart

Source: NEO / Tether USD TradingView

The daily chart exhibited an uptrend extending from $6.90 to $10.87 and a downtrend extending from $20.83 to $13.38. The resistance stood at $12.58 and the immediate support was at $10.29 and the subsequent support was at $8.59.

Parabolic SAR: The dotted line below the candlesticks was drawing an upward path pushing the coin to the markets of bears.

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

The MACD line was over the signal line hinting that the coin was under a bullish trend.

Conclusion  

Only two indicators suggest that the coin was in the bullish market while many other indicators suggest that the coin was under the bearish 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.