Price Analysis

NEO Tries to Hold its Ground Against the Bears

  • NEO price has managed to stay above the baseline in the ongoing bearish crypto market as seen from the YTD price chart

NEO has had a good year before the crypto market took a bearish turn in July. From the month of July, the price went on a continual downward swing though it managed to stay above the baseline as seen from the YTD price chart. NEO price has been moving in the price range of $7.06–$18.82, indicating that the bear pressure is still relevant in the crypto market.

NEO to USD Price Analysis:

NEO though badly hit by the bearish trend in the crypto market has still managed to stay above the baseline. From a low of $7.0635 on Jan 13, the price of NEO moved up to $13.5619 on Apr 05, marking a rise of 92%. The price then took a bearish turn on May 09 and the price reached a low at $8.5886, the downward movement was to the extent of 36.67%. The bulls re-entered the crypto market and the price was on the continual upswing and reached $18.8239 on Jun 24, the rise being to the extent of a whopping 119.17%.

The bears had started becoming more active in the crypto market and started controlling the price of NEO and it dropped to $8.8581 on Sep 22, the downward swing was to the tune of 52.94%. The current day’s price is $6.8098, the fall being to the extent of 23.12%. The trend indicates that the bearish sentiment is here to stay for the short-term in the crypto market.

NEO Price Chart
NEO Chart by TradingView

It is struggling to maintain its momentum in the ongoing bearish crypto market volatility. The bears are in full swing and the price is on a wild goose chase with lot of fluctuations though it has been above the baseline price. Analysts are, however, confident about the potential of NEO coin and predict it to have a bullish run by the year end. Long-term investors should continue to hold their investments as the crypto market volatility is expected for the short-term.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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