The past week saw Neo’s price go bullish against Tether (USDT) by 10%, as the price went up from 7.838 USDT (12/02/19, 2 am CAT) to 8.623 USDT (19/02/2019).
After starting out on the above stated initial price on the 12th, Neo went through a 24-hour bullish trend, which saw its price hitting 8.452 USDT to mark the first peak of the week. The bullish trend was not sustained, as the price went on a reversal for the next 24+ hours to hit the weeks low at 7.747 USDT. The next three days saw the trendline reverse to set another new high and low at 8.393 USDT and 7.838 USDT respectively. Starting from the 17th, the price increased steadily to hit the weeks high at 9.134 (19/02/2019, 2 am), before going through a short bearish reversal which saw it settle on a relatively sideways trend. The trend has been sustained to the current price.
Over the past 24 hours, the price has improved by 4.73%, which has also been reflected in the 24 hr volume which improved slightly to around 11.8 million USDT.
QUICK TAKE-HOME POINTS
- NEO’s price has improved significantly within the past seven days.
- Major indicators are suggesting a point of consolidation has been attained.
- Now is probably the best time to give it a little more time and see how the price behaves before a quick sell.
A WORD FROM THE INDICATORS
Currently, the Bollinger Bands are exhibiting marked divergence as the trend line has rebounded from the upper band in relatively sideways direction. The divergence commenced on the 17th when the price took a decisive upward move to the week’s high. In fact, the 17th presented a classic ‘bollinger squeeze’ preceeding the bullish breakout thus being one of the week’s perfect points for buying.
In general, the marked divergence of the bands are pointing towards a continued upward trend. However, the trendlines rebound from the upper band and maintainance of a sideways trend for more than 8 hours now provides enough caution to consider a sustained sideways trend at this level, for at least a few hours to come.
RELATIVE STRENGTH INDEX (RSI)
Currently, the RSI line has lost upward momentum to assume a lateral direction just below the upper limit at 70.000. This suggests that the price has attained oversold conditions which may be one of the reasons behind its sIdeways direction. Prior to the present state of things, the RSI had maintained its position around the midline from the 14th to the 17th before following the price on its bullish rally. In general, the current status of the RSI indicates for a possible continuation of the current sideways trend.
MOVING AVERAGE CONVERGENCE DIVERGENCE (MACD)
The two moving averages are exhibiting marked divergence in a bullish direction which commenced on the 17th. However, it is important to notice that the Faster Moving Average is gradually losing upward momentum since 12 hours ago. This is also evidenced by the flattening histogram since around the same time. These observations makes the MACD in perfect agreement with the RSI, which is indicating a possible consolidation and continuation of the current sideways trend.
Just like the RSI, the StochRSI lines linger within the overbought zone, and are losing the momentum gained in the past 24-48 hours. Previous major events include overbought and oversold conditions attained as the price went through a series of peaks and gorges through the week. Overall, the indicator concurs with the suggestions of the RSI, Bollinger bands and the MACD to seal the point that almost all major indicators point to a sustained sideways trend
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