Market Overview: Neo/Tether (NEOUSDT) — October 28, 2025

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• Price fell 3.1% over 24 hours, closing at 5.247 after hitting a high of 5.347 and a low of 5.206.
• A key support level appears to form near 5.23–5.24 based on multiple bounces and rejection seen in late hours.
• Volume spiked dramatically during the 05:45–06:00 ET window with a $13.4 million turnover, confirming the downward move.
• RSI reached oversold territory near 5.206, though a recovery attempt has so far failed to reclaim 5.30.
• Volatility expanded significantly overnight, with Bollinger Bands widening to signal increased uncertainty.

NEOUSDT opened at 5.279 at 12:00 ET on October 27 and reached a high of 5.347 before closing at 5.247 at 12:00 ET on October 28. The price action showed a bearish bias over the 24-hour period, with a low of 5.206 observed. Total volume traded was 288,188.82, and notional turnover amounted to approximately $1,519,000, with the most significant spike occurring between 05:45–06:00 ET.

The price action revealed several key support and resistance levels over the 24-hour period. The area around 5.23–5.24 appears to have functioned as a temporary support zone, with multiple bounces and rejection candles observed in that range. A notable bearish engulfing pattern occurred around 19:30–20:00 ET as the price moved from 5.356 to 5.291, confirming bearish momentum. A doji candle appeared around 22:15–22:30 ET near 5.282, suggesting indecision and potential turning points.

Moving averages on the 15-minute chart indicated a bearish crossover as the price moved below both the 20-period and 50-period moving averages. This suggests a short-term bearish bias. On the daily timeframe, the 50-period moving average is likely acting as a dynamic resistance, which may test buyers if the price attempts a recovery. The 200-period moving average, however, remains in a neutral position.

The RSI indicator showed a strong bearish momentum, with values dipping into oversold territory near 30–35 during the price drop to 5.206. This suggests potential for a short-term bounce, although the inability to hold above 5.26 in subsequent sessions may signal continued bearish sentiment. The MACD indicator reflected a bearish crossover as well, with the line crossing below the signal line around 19:15–20:00 ET, reinforcing the bearish bias.

Bollinger Bands expanded significantly during the price drop, indicating heightened volatility and uncertainty in the market. The price spent much of the session near the lower band, particularly between 05:45–06:00 ET, which confirmed the bearish sentiment. The bands are expected to contract in the next 24 hours if a consolidation phase begins, which could provide a clearer direction for traders.

Volume and turnover data showed a strong negative correlation with price movements. The most significant drop in price coincided with a sharp rise in volume and turnover, confirming the bearish bias. However, the inability to maintain higher levels of volume during attempted recoveries suggests a lack of conviction among buyers. Divergences between price and volume could indicate further bearish momentum in the short term.

Fibonacci retracement levels applied to the recent swing high of 5.347 and low of 5.206 indicate key levels to watch. The 61.8% retracement level is currently around 5.278, which could act as a dynamic resistance. The 38.2% level is near 5.289 and may also see activity. These levels could be used as potential entry or exit points for short-term traders.

The backtesting strategy described offers a viable approach for testing RSI-based entries in the NEOUSDT pair. Given the RSI readings reaching oversold territory during the 24-hour period, a daily RSI(14) backtest using the first described method (buy on close of RSI < 30, hold for one day) could provide valuable insight into the effectiveness of such a strategy. The use of daily bars would align with the broader trend observed in the data and could help gauge if buyers would have capitalized on the oversold conditions effectively. The next step is to determine if the daily approximation method suits your investment horizon and risk tolerance.