Home NEO/USD market taken over by bears with price expected to fall more – Technical Analysis
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NEO/USD market taken over by bears with price expected to fall more – Technical Analysis

NEO/USD daily chart

  • NEO/USD daily price fell by 5.22% from $8.80 to $8.34 this Monday.
  • The market has had a bearish breakout from triangle formation.
  • Daily NEO/USD price has been trending below the 20-day simple moving average (SMA 20) curve for the last two sessions.

NEO/USD 4-hour chart

  • In the 4-hour NEO/USD chart, the last three sessions have entered the lower-band of the 20-day Bollinger band which indicates that the bulls are trying to fight back.
  • The SMA 50 curve has already crossed over the SMA 20 curve which indicates a sell sign.
  • The relative strength index (RSI) has entered the oversold territory.

NEO/USD hourly chart

  • The NEO/USD hourly chart has had a bearish breakout from a flag formation.
  • The moving average convergence/divergence (MACD) histogram shows a decreasing bullish momentum as the market enters bearish territory.
  • Bulls need to breach past $8.45 resistance level to reverse market momentum in the short-term.

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FX Street

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