|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.
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.
NEO price analysis: NEO/USD sleeps in a range and dreams of $10.00
- NEO has been bogged down in a tight range.
- The upside momentum may take the price towards $10.00.
NEO, currently the 21th largest coin with the total market value of $533 million, has gained over 2% in recent 24 hours to trade at $7.5 at the time of writing. The coin has returned to the levels registered in the beginning of the year, though it is still over 50% down on an annual basis.
NEO/USD, the technical picture
Looking technically, NEO/USD has been trading in a tight range since September 25. The upper boundary of the range roughly coincides with the upper line of daily Bollinger Band at $7.80, while the lower border comes at $7.00. A sustainable move in either direction may create a strong momentum.
On the upside, the next resistance awaits us on approach to $8.40 (SMA50 (Simple Moving Average) on a daily chart). Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $10.00 strengthened by SMA100 daily.
On the downside, a collapse below the lower boundary of the range will trigger strong sell-off with the next focus on $6.70, which is the lowest level since September 26.
NEO/USD, a daily chart
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NEO Price Stalls Intraday Recovery
The crypto market has begun the month with a slight volatile movement as the major coins were affected at first but soon an upward movement was experienced in the market. Amidst the fluctuations, the upsurge was quite a surprise and many traders took it as an indication of the price rally.
NEO price trend is seen moving with a moderate pace. The last fall and recent volatility have affected the coin at large. The price is diminishing, and we are anticipating that the intraday movement might bring marginal losses to the traders. To understand the movement more precisely, let’s have a look at the price chart.
NEO to USD Price Analysis:
Yesterday, the price started soaring from the beginning of the day dated October 14 and the counters changed from $7.31 to $7.35 by 1.30%. There was a slight drop in the price, but it soon picked up again and went to $7.44 by 2.09%. The price kept hovering at the same level for some time. Before closing, the price touched $7.60 from $7.37 by 2.99% and the day closed with an upsurge of 3.93%.
Today, NEO started with a fall and the counters shifted from $7.59 to $7.51 marking a regression of 1.02%. However, there was a slight recovery, which could not be sustained and as a result the price shifted from $7.59 to $7.46 having a regression of 1.80%.
If we look at MACD histogram, then the signal line seems to cross the MACD line and moving up but remains below zero.
With the market cap of $527,978,633, NEO is currently trading at $7.48 holding the immediate resistance level at $7.54. Here’s the support and resistance level chart for NEO.
|Resistance Level||Price||Support Level||Price|
The traders are recommended to opt for long-term investment as the same would fetch them a colossal profit.
NEO Escapes From the Bearish Trends; Price Ticks at $7.35
- NEO price indicates an uptrend in the intraday trading.
- The movement in the price points towards a prosperous future.
NEO price is reflecting a slight uptrend at the moment as the price is marked at $7.35 during the time of penning the article. The market performance is quite volatile, fluctuation started in the trading price from the beginning of the month. We have stepped in the last quarter of the year and all the eyes are on the movement of the coin as it is the last opportunity to mark recovery from previous quarter’s loss. NEO is likely to give flourishing result in the future.
NEO Price Analysis:
In the month of September, NEO started trading around $8.8 and the price kept moving around the same level for some time. There was a sudden hike which took NEO to trade around $18.89. Later, it returned to $8.74 and started trading with an escalation of 18.84% at $10.38. Further, NEO recorded a fall in the price that brought it down to $7.20 by 30.25% and the month closed around $7.85 with a loss of 11.37%. The ongoing month started at $7.85. There was fall marked but soon, it touched $7.80 again. The current price is noted as $7.35.
With the market cap of $521,484,677, the currency is moving on the path of breaking the resistance level at $7.51. The 24hr volume is at $241,009,834. Yesterday, the volume was noted as $263,183,654. The increase in the counters is a clear indication that the price would escalate soon. The movement in NEO has always remained moderate. However, the expected momentum would help the traders earn a colossal profit.
The resistance level 1 is at $7.51, the next resistance is created at $7.72 and resistance level 3 is formed at $7.82. If the price doesn’t fall into place, then it would be supported at $7.2, or further at $7.1 or next at $6.89.
NEO is recommended for long-term traders. The specified period is anticipated to give a noticable result.