$NEO shows a modest price change of 0.184% in the last 24 hours, indicating low volatility.
The price oscillates between a high of 5.54 and a low of 5.4, trapped within its Bollinger Bands.
Support sits at 5.4 while resistance holds at 5.54, suggesting a range-bound market.
The overall trend is upward, but the momentum seems weak given the tight price action.
Macroeconomic factors, such as rising inflation and regulatory scrutiny, might challenge bullish sentiment.
Bitcoin's influence remains undefined, implying NEO is somewhat insulated from Bitcoin's fluctuations.
Traders should consider a short-term approach due to current volatility, while a long-term strategy may be advisable if uptrend strength improves.
Key takeaway: NEO’s current consolidation phase requires cautious trading, with an eye on broader market conditions for any breakout opportunities.
