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Is Neo (NEO/USD) Readying for Positive Action Beyond $8.6? Price Analysis

Neo price paints a bearish picture today. That comes as the overall crypto market exhibits negative sentiments. Coin360’s heat map shows Bitcoin lost 0.76% within the past day. That saw the alt market recording minor cuts, with Ethereum dropping 0.45%.

Meanwhile, Neo’s 1-day chart identifies the current market status for the altcoin. While writing this blog, NEO has its price action at $8.5. the support stands at $8.0, whereas upside actions would meet the latest resistance at $9.5. Meantime, the altcoin consolidated sideways over the past few days.

Meanwhile, the Relative Strength Index and the Moving Average Convergence will likely remain range-bound in the coming few days. The altcoin will hardly experience a substantial price movement. However, beware of the volatility of this asset class. So, we can expect sudden pumps or dips from NEO.

NEO 24Hr Price Action

NEO witnessed quite interesting price actions over the past 24 hours. The alternative token plunged from $8.88 to 24hr lows of $8.57 before a slight upside move to the current $8.68 value area. Meanwhile, NEO lost 2.40% within the previous day. The market capitalization saw a similar decline, whereas trading volume plummeted by 19.62%.

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Nevertheless, the bearish momentum seems to fade. A crossover seemed imminent in the Moving Average Convergence Divergence lines. The Relative Strength Index remained relatively balanced, though the RSI barely hit 30 twice before a swift recovery.

Thus, NEO might see bullishness in the coming day. However, NEO fans shouldn’t expect massive pumps as the broad market remain downbeat. NEO maintains consolidation tendencies on an overall picture, though near-term volatility remains possible.

NEO 4Hr Price Action

The 4hr chart shows NEO formed another support at $8.57. Nevertheless, the alternative token is yet to test this support. NEO should approve the foothold with an upside bounce from the level. However, the 4hr chart doesn’t offer much projection of any imminent upside besides a minor rebound from $8.57. Nevertheless, bears seem to surrender. Thus, NEO can see some positive action, although it will continue hovering inside a range.

Conclusion

NEO-USD remained bearish within the past day. Though the bearish strength weakened, bears are yet to surrender entirely. The alt could see positive moves in the coming day, though investors should consider the broad market’s downturn sentiment.

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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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