- NEO, at the time of penning down this analysis, was drawing an uptrend on the 4-hourly chart, hitting above the 20-day Bollinger Bands
- NEO/USD retains support from the 50-day and 200-day daily moving averages after the price rose above $7.5
- As per the laid 20-day Bollinger Bands, the volatility seems to be at bay while intraday seems to be slightly off as it opened the session trading below $8.6 with a bullish candlestick aversion
- On the intraday chart, the pair has managed to swift above 38.20% Fib Retracement level after a consistent trade over the past two days
- The weekly resistance for the current trading price of NEO lies at $8.7 while the support lies at $7.9 followed by $7.6
NEO Price Analysis
On the 4-hourly chart, we see a price trend of NEO against the US Dollar with complete support retained. Important to note that the coin has breached an imminent 6-week resistance as the market gains back the lost traction. Alongside, Bitcoin is seen hitting above $7.8k on the intraday chart after rebounding from the price accumulation around $7.5k. NEO regained 50-day MA support after it rebounded above $6 and 200-day MA support after a successful retreat above $7.5 within a 2-week duration.
On an intraday chart, NEO is seen breaching the uptrend today, due to the breakout of volatility yet manages to stay trade at $8.44 after failing at $8.6 in the closing hours, yesterday. Unable to gain traction today, the coin turned down below $8.5 as well; however, it is staying above 38.20% Fib Retracement level.
The MACD appears to have losing the gains as the intraday draws a mixed picture after sliding below $8.5; however, if it dips even further, the signal line is likely to cross above the MACD line drawing a bearish divergence. While the RSI of Neo holds no trading extremities at 42.39.