A Trend Reversal or Continuation?

The NEO crypto price suffered rejection from the 50-Day EMA and stayed lower for the last two sessions. The buyers attempted to surpass the 50-Day EMA but failed to close above it and a pin bar candle was observed on the charts.

Earlier, the NEO crypto dipped lower breaking below the 50-Day EMA. However, it rebounded from the 200-Day EMA and halted the further decline. The recovery lacked momentum, indicating weak buyer participation near the 200-Day EMA.

The 4-hour chart shows the sellers decelerating near the 50-Day EMA whereas the buyers may be getting more aggressive near the 200-Day EMA. The price may remain volatile and indecisive until it stays in the range. 

At the time of writing, NEO was trading at $11 recording a negative gain of 0.13%. The NEO token has a live market capitalization of $776.35 Million and ranks 82nd among all the cryptocurrencies. It had a 24-hour trading volume of $30.02 Million with an intraday decrement of 46.6%.

Neo Trend Analysis

The daily chart shows that Neo Crypto maintained a positive outlook from mid-October to the last week of December 2023. The crypto peaked at $15 after rising from $6.3 in October generating over 100% returns to their investors in the said period.

Recently, a double top pattern was observed on the daily chart near the $15 level after which the crypto experienced a sharp selloff from the upper levels and entered a short-term correction phase. 

Currently, the crypto price is declining, forming a declining parallel channel pattern. The price is rolling between the upper and lower boundaries of the channel.

Now, Neo Crypto may resume its correction phase until it is maintained in the channel. The breakout above the upper boundary of the channel may indicate the resumption of a bullish scenario. 

Also, the 200-Day EMA might be the last defending zone for the buyers. The breakdown below the 200-Day EMA may unlock more downside potential for the price.

Neo Price Prediction for February 2024

The positive view of analysts predicts an upside potential of over 25% in February 2024, after the channel pattern was broken. It could take the NEO token price near the recent swing high at $15. 

On the other hand, the bearish view of analysts predicts that the price could drop to the $9 and $8 level after the breakdown of 200 day EMA.

Neo Price Prediction for 2024

The price prediction for 2024 shows that the NEO token may advance to a high of $20.67 by the end of 2024. The less optimistic analysts estimate a price target of $16.05 by the end of the year.

Neo Price Prediction for 2025

Over the next two years, The NEO price may hit the $28.3 mark, suggesting an upside potential of 155.87% by 2025. The pessimistic view is that the price could reach $19.67 by the end of the financial year 2025.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.