Cryptocurrency value

Cryptocurrency Appreciates To $10.53 After Drop

Cryptocurrency price heatmap, source: Coin360

Neo price analysis shows that NEO prices have been rising lately, which is a good sign for traders who believe in the potential of this digital asset. NEO is trading at $10.53, after a bull run that saw it appreciate 1.94% in the past 24 hours. .

NEO’s price is currently having a good run as it has been one of the best performing digital assets in the last 24 hours. The digital asset is up 1.94%, which is a good sign for bulls. However, they will need to push the price of NEO above $10.74 to invalidate the bearish setup and open the possibility of a move to $12.

The bulls are currently trying to reclaim lost ground, according to the latest Neo price analysis. They will need to push and close the cryptocurrency above $10.53 to continue the upward move. On the other hand, a drop below $9.67 could cause the price of NEO to drop to $8.60. The trading volume is $72,092,443 while the market capitalization is $837,504,752.

1-Day NEO/USD Price Chart: Price Levels as low as $10.53, Bulls Manage to Penetrate

Neo Price Analysis Bulls on the 1-day price chart are trying to overcome the bearish pressure and have been successful in their struggle so far as prices rose today. Last week was mostly bearish for NEO as it corrected lower from highs around $12. Prices found support near the $9.67 level and started an upward move. There was a break above the 23.6% Fib retracement level of the last decline from the $12 high to $9.67 low.

According to the 1-day price analysis, the moving average (MA) value is currently placed well below the current market price, indicating that the bulls are in control. Immediate resistance is present near $10.53 and bears may reappear near $10.74. On the downside, the initial support is near $9.67 followed by the MA50 level (presented in a yellow colored line).

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1-Day NEO/USD Price Chart, Source: TradingView

The MACD on the daily chart is well placed in the bullish zone and it could continue to gain momentum in the short term. The RSI for NEO/USD is currently just above the 50 levels, with a positive angle. These indicators suggest that the price of NEO could pick up again in the short term. The Bollinger Bands have been widening for some time, which could lead to volatility in either direction.

The 4-hour Neo price analysis shows that the bulls are trying to push the price higher, but they are facing some resistance near $10. This encourages buyers to remain cautious until there is a breakout and close (UTC time frame) above the $10.74 resistance. Immediate support on the downside is near the $9.67 level. A successful close below $9.67 could push NEO price towards the key support at $8.60.

On the 4-hour chart, the RSI and MACD on the 4-hour chart suggest that the price of NEO may continue to rise in the near term. The RSI line is placed well above the 50 levels, with a positive angle. This suggests that NEO is in an uptrend and could start rising again if there is a clear break and close above the $10.53 resistance levels.

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

On the downside, initial support is present near $9.67 and the MA 50 level (shown in a yellow colored line). A break below these levels could open the possibility of a move towards the $8.60.53 and $10.74 levels. The Bollinger Bands are currently in squeeze mode, suggesting that NEO price could take a big leap soon.

Conclusion of the Neo price analysis

To conclude, the Neo price analysis, there has been a rise in today’s price as the bulls try to get on the price chart. NEO/USD price is now at the $10.53 level, encouraging buyers. The bulls managed to break through the resistance at $10.53, but they still need to clear the $10.74 level to continue their upward momentum.

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