Neo price had smashed rock-bottom levels in the early trading hours but managed to regain the lost positions above $19 very quickly. Despite a significant uptrend, the asset maintains its trend within the danger zone, on the verge of losing yet another significant chunk of its value.
The technicals are turning bearish at the moment suggesting the price plunge down towards the local support. And hence after a minor consolidation, the asset is expected to regain the lost positions above $20 by the end of the day. Moreover, it may attempt to surge high to achieve critical resistance at $21.69.
The NEO price maintained a significant uptrend since the beginning of the month. After a minor consolidation, the asset began to shed its gains and maintained a narrow trend between $19.6 to $21.7. However, ever since the beginning of the current trading day, the asset witnessed a steep plunge breaking down the support levels. No doubt, the price gained back the positions above $19, but the fear of a pullback still haunts the rally.
|Short-Term||The price after a notable uptrend is consolidating from the past couple of hours with an equal fight between the bulls and the bears. But the possibility of a minor uptrend is quite possible.|
|Mid-Term||The asset has witnessed an interim relief from the bearish trend by igniting a flip. Yet the flip does not appear strong and hence may squeeze out the gains soon|
|Long-Term||After consolidating hard along with the average levels, the asset may surge a little but with less intensity. But the fear of plunge still persists.|
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||47.98 / 42.12||Neutral / Sell|
|MACD(12,26)||-0.085 / -0.619||Sell / Sell|
|Average Directional Index(ADX)||35.42 / 19.96||Neutral / Neutral|
|Bull-Bear Power||0.13 / -2.77||Buy / Sell|
|Average True Range(ATR)||0.20||1.42|
The NEO price in the short-term is somewhat bullish but in the long term, the asset is extremely bearish. Most of the indicators are pointing towards a sell signal in HTF, while many are neutral in STF. However, the asset in both the time frames is less volatile and hence one can expect a significant uptrend.
The asset is very close to its immediate resistance in the short term. And hence it may maintain a consolidated uptrend to achieve these levels by the end of the day. However, maintaining a consolidated uptrend, the price may keep trending within a notable uptrend.
Additional Read: What is NEO coin?
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