Neo price analysis: NEO breaks below $10.71 as bearish stress overwhelms the market

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Neo price analysis shows a continued bearish sentiment as Neo prices consolidate below the previous support of $10.71. Prices have currently set a new support level at $10.35 while they face resistance at the $11.17 mark. The market is expected to see lower prices as the bearish pressure continues. The market is currently trading at $10.71. NEO prices have been under immense bearish pressure as the cryptocurrency market corrects lower. Prices had surged to highs of $13.49 on May 5th but have since fallen by over 20%. The corrective move has seen prices drop to current levels of $10.71, which is just slightly above the support at $10.35.

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Cryptocurrencies price heatmap, Source: Coin360

Neo price analysis reveals the prices have moved between a range of $10.35 and $11.17 in the past 24-hours as the market sets a new range for trading in the last 24 hours.The trading volume sits at $74,312,923 while the market cap is at $760,791,128. The digital asset is currently ranked at the 22nd position in the market. However, the market is expected to see some consolidation in the near term as the bulls and bears battle for control of the market.

Neo price action on a 1-day price chart: NEO/USD prices face a bearish market as price consolidates

The 1-day Neo price analysis price chart shows that the prices have been struggling to break out of the descending triangle pattern that has been forming since early May. The market is expected to see some consolidation in the near term as the bulls and bears battle for control of the market. Prices have found support at the $10.35 level and are currently facing resistance at the $11.17.

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NEO/USD 1 day price chart, Source: TradingView

The MACD indicator is currently in the bearish zone as the signal line moves below the histogram. The RSI indicator is currently at the 41.21 level, which indicates that the market is currently in the oversold region. The MA50 is currently at the $10.95 level while the MA200 is at the $12.21 level.

Neo price analysis on a 4-hour price chart: Bullish signals emerge

The 4-hour Neo price analysis chart shows that prices are in the bullish territory as the prices are currently trading above the 200-period moving average. The market is expected to see some consolidation in the near term as the bulls and bears battle for control of the market.

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NEO/USD 4-hour price chart, Source: TradingView

The RSI indicator for NEO/USD is currently at the 53.21 level, which indicates that the market is currently in the neutral region. The MACD line is currently above the signal line, which indicates a bullish market. Additionally, the MA50 is currently at the $10.78 level while the MA200 is at the $11.17 level

NEO price analysis conclusion

Neo price analysis shows that the market is expected to see some consolidation in the near term as the bulls and bears battle for control of the market. Prices have found support at the $10.35 level and are currently facing resistance at the $11.17. The traders are advised to wait for a breakout and confirmation before making any further trades. If bulls manage to push prices above the $11.17 resistance, then further gains towards the $12.00 and $12.50 levels are possible in the near term. However, if bears take control of the market then a drop below the $10.35 support could see prices retesting the $9.80 level again

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.