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NEO Slowly Climbing Back Up

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NEO price:$12.40
Key NEO resistance levels:$14, $16, $18, $20
Key NEO support levels:$11, $10, $8, $7

*Price at the time of writing


NEO Long Term Price Prediction: Bearish

On the daily chart, NEO NEO, 5.58% has been following a rising broadening wedge formation for the past few months. After marking $24 as the yearly high, the token reversed its trend on a medium-term correction to $10, where the price meets long-term support on the lower boundary of the wedge formation.

Buy/Sell NEO (NEO)

How to buy NEO (NEO) on Binance

NEO trading has now seen a nice two-day bounce to around $14. The price has dropped a bit, and NEO is currently changing hands at around $12.4. After the three-week price drop, the volume appears to be rising due to the current short-term bull market.

Now that buyers are showing commitment, the key resistances to keep an eye on are $14, $16, $18 and $20. Failure to further power the market upward might lead to a bearish takeover. We can then expect a quick fall back to the $11 and $10 support levels. A break-down on the wedge could drop the NEO price to $8 and $7 – the February low.

At the 30 levels, the RSI saw a sharp rebound after a strong bullish comeback which led to a sudden price increase in the market. 

The Stochastic RSI reveals a possible uptrend, and is attempting a bullish crossover. Let’s wait and see how things unfold in the market.

 NEO Medium Term Price Prediction: Bearish

Over the past few days of bearish action, the NEO market is on the downside following the dramatic fall to a key support level of $10, from where the wedge support line is drawn (yellow).

From the above support, the token has turned upward to test the $12 and $13 resistances after a sudden bullish action which is likely to continue to meet the $14 and $15 levels at the upper wedge boundary, where a bearish rally is likely to occur.

However, it’s important to note that NEO remains bearish from a medium-term perspective, at least for now. A clear break above $15 could bring the market back into a bullish trend. As of now, the key levels of support for the bear sides lie at $11 and $10 before a possible break plays out.

The sudden price surge has brought the RSI back above 50 level. If the RSI level can provide support for the market, the price of NEO will continue to rise. The token is now overvalued on the Stochastic RSI. We can expect a slight pullback before buyers resume to take over.  

NEO Short Term Price Prediction: Bearish

The past positive climb of the past two days is steadily turning the NEO market on an upside after surging above the dotted falling trend line, drawn in yellow. The new white trend line is now acting as diagonal support for the market. The next key resistances lie at $14, $15 and above.

On the downside, the market may test the $12 support, meeting the white trend line. A break could roll the market back to $11 and $10. A look at the Stochastic RSI suggests a buying pressure is again lurking around the corner. Considering the RSI’s condition, the NEO market is indecisive at the moment.

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NEO strongly corrects the decline adding 3% on the day

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  • NEO leads the market in recovery amid broad-based declines.
  • Technical levels are positive for NEO but correction above $10 is key for a continued reversal.

NEO is among the strongest daily gainers in a market that is strongly bearish. Cryptocurrencies suffered under acute selling pressure on Wednesday/Thursday. The real-time cryptocurrency rates table displays a bloody market accept or NEO and NEM both of which are in the green.

NEO lower low pattern continues to pull further from August high around $12.76. Besides, the drop under both the 50 Simple Moving Average (SMA) and the 100 SMA re-energized the bearish pressure pushing NEO between a rock and a hard place.

The lower leg price action extended under $10. $9.00 came out as a credible support which has given way for the recovery currently underway. NEO/USDis valued at $9.72 and supported by a building bullish momentum. Technical indicators point towards continued correction north. Resurfacing above $10 will revive the uptrend in the near-term.

NEO/USD 1-hour chart

Source:.fxstreet

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NEO News: Week in Review – August 5th – August 11th

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NEO

On August 8th, NEO Global Development (NGD) hosted its third English NEO LIVE ask me anything (AMA) event with Switcheo. The weekly events take place on the official NEO Telegram at 8:00 pm (UTC +8) every Thursday, and aim to connect the global NEO community with ecosystem projects and developers.

NGD also held its eighth Chinese NEO LIVE AMA event with chief consultant of Dex.top exchange, Fan Fan, on August 8th. Focusing on the topic of “Decentralized Financial Liquidity Exploration,” discussions surrounded Dex.top’s “50 Plan,” the launch of NEO trading, and questions from Chinese community.

NGD rewarded five random individuals from a retweet draw with a ticket to the Bloconomic exposition taking place at the Le Meridien Putrajaya in Malaysia on August 15th and 16th.

NEO announced it will provide GAS for deploying and testing dApps on TestNet for TECHFUND platform users. TECHFUND is a Japanese technology accelerator that recently integrated support for NEO in its Blockchain as a Service (BaaS) platform, Accel BaaS.

NEO is among the 30 coins included in the shortlist for potential Binance US listings. Each candidate asset must exhibit that it meets a set of five criteria surrounding issues such as compliance, governance, and development before its listing on the centralized exchange.

NNT Catch Up

After a year-long hiatus, the NEO News Today Podcast has returned with new episodes and a new host. In the return episode, Dylan Grabowski speaks with Rosemary O’Neill, co-founder of the community-governed social media network, Narrative.

Pikcio recently concluded a token swap from PKC to the new PKX token. The token swap follows an incident in which 15 million PKC (18 percent of its total supply) was deceived in a confidence trick by attackers who impersonated a major cryptocurrency platform. Of the stolen 15 million PKC, 8.5 million PKC tokens were sold by the attackers on the open market before trading was halted on Switcheo and deposits / withdrawals were suspended on Coinbene and Coinall. The PKC to PKX token swap was completed on August 3rd, 2019. Markets for PikcioChain’s PKX token on Switcheo reopened August 12th.

Developer Groups

NEO St. Petersburg Competence Center (NEO SPCC) released its second video in an animated series outlining its decentralized distributed data storage proposal for NeoFS. The second video describes how payments work in the NeoFS system.

Ecosystem

August 5th, QLC Chain released its second bi-monthly report for July, which highlighted the development of Confidant hardware, beta testing for QDEX, and updates to the Q-Wallet. QLC Chain pushed an update to the Q-Wallet, which now offers an over-the-counter (OTC) trading function.

August 5th, TranslateMe announced the addition of Virat Singh to the development team. Singh has joined the team as a senior machine translation specialist.

August 5th, Aphelion announced the integration of Bitcoin support in its v4.0.1 wallet update. When users update to the new version, they will be auto-assigned a BTC address and mnemonic phrase.

August 6th, Jarvis+ released its bi-weekly report, highlighting its efforts in supporting partners TrueChain and Nezha in managing their community channels.

August 6th, Endorsit released its weekly report which highlighted progress on its WeChat application, as well as its Android and Web app products.

August 6th, Alchemint released its July monthly report which saw SDUSD issuance decline and SNEO collateral increase. However, service fees (to be distributed in SDS) have continued to increase for the fifth month in a row. The team is in the proofreading stage of its white paper update. Lastly, Alchemint has launched its decentralized account platform, DeAcc, on a private chain for testing. DeAcc will be part of a Decentralized Fintech Framework aimed at providing services to dApps through a standard SDK access layer.

August 7th, Nash Exchange opened a community poll for members to vote on the location of an anniversary event. Options included Frankfurt, Germany; Zurich, Switzerland; Lisbon, Portugal; and, Munich, Germany. The poll closed with 102 votes, 40% of which chose Frankfurt as the desired location for the next event.

August 7th, Ryu Games announced the upcoming launch of NEO-based non-fungible token (NFT) collectibles, following the team’s recent contributions to the NEO NFT standard, NEP-11. Ryu Games has released two iOS games that have been distributing NFT collectibles to players on the Ontology blockchain. Following the team’s NEO NFT contract implementation, the games will begin issuing NFTs at random on both the NEO and Ontology blockchains.

August 8th, Alchemint completed the distribution of GAS generated in July to its platform users.

August 9th, Monarch Wallet announced the launch of NEO and GAS support on its iOS and Android wallets. Users can store, send, and receive NEO, but also collect GAS distributions through the wallet.

August 9th, Magic Cube released an announcement highlighting its staking partner program, and a comment competition token giveaway. The staking partner program will offer a 30% discount for early partners, bonuses for recruiting partners, and discounts on Magic Cube services. Additionally, Magic Cube is conducting an MCC airdrop competition, where the top three comments on a Twitter post will receive 5,000 MCC each. The first 250 participants will receive 200 MCC tokens.

August 9th, TranslateMe announced it will release a beta version of the iOS application, and invites to users to join in testing.

August 10th, Aphelion announced the platform has integrated ERC-20 into its non-custodial exchange, and that internal testing has begun.

August 10th, QLC Chain announced it is giving away 1 million QLC tokens and 10 Confidant stations to celebrate the listing of QGAS on Cyber exchange.

Token Listings

SEAC to list on btb.io.

QGAS to list on Cyber exchange.

Events

August 15th: Cobo Wallet – NEO LIVE.

August 20th: NEO meetup – Berlin, Germany.

August 29th: NEO Colorado meetup – Denver, US.

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NEO Price Analysis – NEO Market Still Controlled by Bears

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NEO Price:$10.70
Key NEO resistance levels:$13, $14.3, $16, $17.6, $20
Key NEO support levels:$9.6, $9.1, $8, $6.6, 5.3

*Price at the time of writing

NEO Long Term Price Prediction: Bearish

From $25, the price of NEO NEO, -1.60% has dropped by 60% since the beginning of the second half of the year, bringing the market to mid-term support at $10, where it’s currently trading around the wedge’s lower boundary. At the moment, the $10 is still bolstering as support for the market for the second time. 

Buy/Sell NEO

How to buy NEO on Binance

As we can see, the NEO market is still under the control of the bear. This time, the market may likely bounce up again if the bulls can power the market now. Considering a possible uptrend, the next key resistance to watch out for lies at $13and $14.3 before rising $16, 17.6 and $20. We can expect that to play out as soon as bulls begin to show interest in the trading.

In the same direction, if the token successfully breaks below the wedge’s lower boundary, we may see short positions to $9.6, and $9.1 a further stumbles to $8, $6.6 and $5.3 supports – meeting the December 2018 low. 

We can see the RSI has continued to stay above the oversold level since July rebound, showing a strong bulls defense at around $10. The Stochastic RSI is significantly on the downside, owing to the past six days of decline.

NEO Medium Term Price Prediction: Bearish

In mid-July, we saw how NEO made a sharp bullish reversal to $14 after a massive sell-off to the $9.6. But now, the token has come under the bear radar for the past three weeks, aiming to retest the last month’s low. The downward range has flagged a channel pattern for the NEO/USD pair. 

After touching $10 on Friday, the NEO trading has managed to rise a bit to $11.5 before dropping to where it’s now changing hands at $10.7. Should the $10 continue to bolster as support, buying pressure is likely at $11.5 and $12.5 on the upside. A bearish leg down could roll the market back to $10 and $9.6 supports before creating new support. 

NEO has recently found a bottom at the RSI 30 which reflects that buyers are showing interest in the trade. A look at the Stochastic RSI suggests the price has almost reached an overvalued condition. Selling pressure is likely as soon as the indicator turns downward.

NEO Short Term Price Prediction: Bearish

NEO is maintaining a downward range on the hourly chart as volatility subdues with choppy price action. The token has retested the channel’s upper boundary early today, and now at the verge of falling back. Should the NEO traders further sell positions, we may see a drop to $10.4 and $10 supports before a price break. 

As we can see on the RSI, the price of NEO is currently rising above the 50 level. A further bullish move might allow the market to meet the $11.2 and $11.6 resistances, and keeping the RSI on a positive direction. However, the Stochastic RSI has managed to reach the overbought level, signaling a possible fall.

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