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NEO/USDT 4H Chart Analysis* ๐๐
Current Price: 5.41 ๐ฅ
- Down about **4.08
- 24h range: Low5.35, High 5.68 โ price is near the lower end now.
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Price Action Breakdown:
- We see a recent *downtrend* after a small peak near5.80. The candlesticks show sellers stepping in, pushing price down from the highs.
- The volume bars show strong selling volume earlier but now tapering off, suggesting the selling momentum is weakening.
- The last few candles show a slight bounce from 5.35, meaning buyers are testing support here.
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What this means:
- The *5.35 - 5.40 zone* is acting as a short-term support. If buyers hold this level, NEO could rebound and try to retake5.50 and above.
- But if the price breaks below 5.35 with volume, a deeper correction could follow, possibly toward5.10 or lower.
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Potential Targets:
๐ *Bullish scenario*:
- First target to watch is the recent swing high near *5.68* โ breaking this could trigger more buyers.
- Next resistance zones around *5.75 - 5.80*, where sellers previously stepped in.
- If momentum stays strong,6.00 is a psychological level and next key target.
โ ๏ธ *Bearish scenario*:
- Breaking below 5.35 could open door to test *5.10 - 5.00* support levels.
- Watch volume for confirmation โ if selling volume spikes, downside could accelerate.
Volume Insights:
- Volume peaked during the prior rally but has declined recently, showing that the selling pressure might be running out of steam.
- Look for volume spikes to confirm a breakout or breakdown.
Summary for your followers:
NEO is at a crucial decision zone near5.40. Buyers are defending support, but sellers still show presence. Patience is key โ wait for a confirmed break above 5.68 for bullish entry or below5.35 for a short-term sell signal. This setup offers good risk-to-reward if managed well. ๐
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