Neo price analysis: NEO/USD continues to trend in a narrow range
- NEO/USD keeps trending in the $6.98 to $7.88 range for the last two weeks.
- The 20-day Bollinger jaw shows decreasing market volatility.
NEO/USD went down from $7.55 to $7.51 so far today. The price has been trending in the $6.98-$7.88 range for the last two weeks. The hourly breakdown shows that the price fell to $7.48 before correcting itself around $7.51. The bulls will need to break past the $7.43 resistance level to trend above the 20-day Simple Moving Average (SMA 20) curve. If they manage to do so, then they should have the momentum needed to break above the narrow range.
NEO/USD daily chart
The price is trending below the SMA 20, SMA 50 and SMA 200 curves. The 20-day Bollinger jaw has narrowed, indicating decreasing market volatility. Both the Moving Average Convergence/Divergence (MACD) indicator and Elliott Oscillator has had three straight bullish sessions.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
