NEO is a native coin of the NEO network that is used to secure the NEO network by NEO validators as well as to validate any transaction taking place on the NEO network after the NEO stakers delegate their NEO coin to several validators. In return,they receive reward in form of NEO gas. On Monday, the 25th of May, one NEO started trading at around $10.30. By Tuesday the same week,the price had managed to fall to around $9.577 but later rises to around $10.225 on Wednesday the same week. On Thursday, the price again dropped to around $9.862. This upward and downwards movement for NEO market is due to buyers and sellers behaviour which can further be explained as below;
Traders behaviour.
NEO has a huge community due to several dapps created on the NEO network. This makes it to be tradable in an upward and downwards direction and still makes traders to be profitable. Therefore, when the NEO market is moving in an upward direction, that will signal the NEO trader of an oversold market condition while when the NEO market is moving in a downwards direction, that will signal the NEO trader of an overbought market condition. Since the NEO was able to show a possibility of a downwards direction, the bearish market condition can be explained on a weekly basis as below
1.NEO bearish price analysis based on traders behaviour.
In a bearish market,the NEO moves in a downwards direction. On Monday, the 25th of May, one NEO started trading at around $10.30. By Tuesdays the same week, the price had managed to fall to $9.577 but slightly rose to around $10.225 on Wednesday the same week. On Thursday the same week,the price again dropped to around below $9.862. This market movement for NEO market is being indicated as from the candle stick chart below;
The above is the NEO market in terms of USDT. Two points are being indicated. There is point A and B. The market can be seen to be moving downwards all the way to around $9.592 from its previous high of around $10.30. This downward market movement is due to buyers being more than sellers thus causing the NEO market to experience a downwards market pressure. At $9.592,many NEO traders are starting to sell their previously bought NEO in the hope that the NEO will continue moving downwards. This causes the NEO market to experience an oversold market condition thus causing it to gain an upward pressure all the way to point A at around $10.239. At point A, NEO traders are again starting to buy some NEO in the hope that the market will continue moving upward. This causes the NEO market to resist moving upward but instead reverse and start moving downwards all the way to point B at around $9.870 .If this will continue, then the NEO market can move as low as $9.0 by end of the week. You can sell your NEO and Wait to buy it again when it is around $9.0
Summary.
Neo coin is the native coin of the neo network where stakers use their coin to vote validators who uses those coin to secure the neo network thus in return they receive reward in form of neo gas. When neo is moving upwards, that signals the neo trader of an oversold market while when it us trending downwards, that signals the neo trader of an overbought market condition. The market for neo was able to show a bearish trend thus the neo trader should sell their previously bought neo at current price and waits to buy when it reaches around $9.0.
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