NEO Crypto Analysis: 20% Gain likely in short-term!

1 month ago 34429

ARTICLE AD BOX

NEO has experienced a slight upward movement over the last 24 hours, with a price increase of 1.43%. The market activity has remained moderate, with fluctuations between $10.28 and $10.46 during this period.

Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken.

For on-demand analysis of any cryptocurrency, join our Telegram channel.

NEO Crypto Price Analysis

Price: $10.44
Market Cap: $736.5 million
24h Trading Volume: $15.47 million
Circulating Supply: 70.53 million NEO
Total Supply: 100 million NEO

Trends are mixed, however, there are improvements. Price broke out of a Symmetrical Triangle, back above $10.00 resistance and got near our target of $12.00 for +20% gain.

Now it’s pulled back to $10 support, which is a swing trade entry opportunity with +20% potential upside back to $12. Stop Loss at $9.25.

Weekly Price Analysis

In the last seven days, NEO has traded in a tight range, with its highest price reaching $10.77.

Weekly High: $10.77
Weekly Low: $10.28
7-day Price Change: +0.95%
Trend: Short-term trend is Up, Medium-term trend is Up, Long-term trend is Down.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $8.00. Nearest Resistance Zone is $12.00.

Technical Indicators

RSI (Relative Strength Index): Slightly below 55, signaling neutral momentum.
MACD (Moving Average Convergence Divergence): Indicates a neutral trend.
Bollinger Bands: Price movement within the bands, suggesting mild volatility but no extreme conditions.

Recent NEO News and Developments

Market Sentiment: NEO has shown resilience in the face of broader market challenges, outperforming some peers over the last month with a 13.9% increase.
Development Updates: Although there hasn’t been any major technical upgrade in recent weeks, NEO’s developers are reportedly working on network improvements.

For on-demand analysis of any cryptocurrency, join our Telegram channel.