- The NEO token price is still bullish as it has managed to sustain above the demand zone despite the bearish sentiments.
- The NEO token price is trading in an upwards parallel channel pattern on a daily time frame.
- The pair of NEO/BTC is trading at the price level of .0000457 with a decrease of -1.35% in the past 24 hours.
The NEO token price, as per the price action, is bullish. Recent bearishness in the overall cryptocurrency market has not affected the token price and it is sustained above the demand zone. As of now, the token price is hovering around the demand zone, while it consolidated on a lower time frame. The recent fall in the token price, which led to it resting at the demand zone, resulted in the breakdown of important demand zones in a lower time frame. The NEO token price broke the demand zone with a strong bearish candlestick pattern. The NEO token price is trading above the horizontal demand zone after breaking it Wayback. As of now, the NEO token price is making higher high and higher low formations on a daily time frame. The NEO token price is trading at the lower band of the Bollinger Band indicator after failing to surpass the upper band. Recent bearishness in the token price resulted in the breakdown of the 100 and 50 Moving Averages, and as of now, the token price is trading below it. Moving upwards the token price can be seen facing strong rejection from these MAs. Volumes have increased during rapid moves and therefore investors should remain cautious as volatility is bound to increase. The NEO token price has also fallen below the 14 SMA on a daily time frame.
The NEO token price is consolidating in a small range on a 4-hour time frame
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token gave a breakout of the supply zone. The blue line crossed the orange line on the upside. This has resulted in the token price moving up strongly in a 4-hour time frame. Recently the NEO token price fell after the breakout of long-term resistance. As of now, the token price has started moving up again after bouncing off the demand zone and as a result, the gap between the blue and orange lines can be seen widening supporting the trend.
Average Directional Movement Index: ADX has been continuously falling as the token price broke an important demand zone in a lower time frame. As of now, the token price is trading above this long-term important demand zone, retesting it. The breakout zone is now acting as a strong demand zone. At present, the token price is trading in strong momentum and if the same continues the token price can be seen moving higher in the upcoming days. ADX curve has dipped out of the 20 mark, as it turned upwards indicating a halt in the price movement and possible change in the price structure in upcoming days.
Supertrend: The NEO token price is trading above the demand zone. After the recent bearish move in the token price, it bounced off the demand zone. As a result, the token price broke the super trend sell line which was acting as a strong supply zone. As of now, the super trend indicator has triggered a buy signal. Moving forward the token price can be seen resting at the super trend by line.
CONCLUSION: The NEO token price is bullish as seen on the daily chart. In a 4-hour time frame, the token price is in a consolidation phase. The technical parameters are bullish as the NEO token price managed to sustain above the previous breakout zone. It remains to see if the NEO token price will break the small trading range on the upside or downside.
SUPPORT: $9.00 and $9.12
RESISTANCE: $10.00 and $10.44
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.