$NEO has seen a price decline of 3.255% over the past 24 hours, with a high of 5.54 and a low of 5.35.
The current Bollinger Bands indicate volatility, with the upper band at 5.45 and the lower at 5.35.
Support is sitting firmly at 5.35, posing a critical level for traders.
The overall market trend appears bearish, suggesting that the downtrend is becoming more pronounced.
Despite Bitcoin's undefined influence, macroeconomic factors, including rising inflation, could further pressure NEO's price.
Traders may benefit from a short-term approach due to this volatility and the prevailing downtrend.
Key takeaway: Watch the support level at 5.35 closely, as a breach could accelerate downward momentum.
