Neo Price (NEO) Stuck In A Range: Breakout or Breakdown Ahead?

The Neo price is hovering back and forth in a tight range and is unable to find a clear direction as of now. The buyers have established themselves near the round level of $12, whereas, the sellers are holding firmly near the $13 level providing very less room for crypto to hover.

Moreover, the crypto started the week on a negative note after reporting a positive closing in the last two sessions of the previous week. At the time of writing, the NEO crypto was hovering near $12.52, registering a negative intraday development of nearly 2.20%. 

For now, neither the bulls nor the bears seem to be dominating the tug of war. The volume received is comparatively low as the volume-to-market capitalization ratio is nearly 4%. The low volume inflow suggests weak hands participating in the market at the moment.

Now, fresh upside moves may be observed on the charts if the either upper or the lower side. Also, traders and investors need to have a closer look at the volume change at the time of breakout or breakdown.

If the breakout is supported by a rise in volume i.e. the volume change is positive it may validate the breakout confirmation or if the volume change is not positive at the time of breakout it may convert into a fakeout. 

Neo Crypto Indicator Analysis

From a Technical perspective, Neo crypto trades above the 200-Day EMA suggesting a neutral to positive outlook in the long term. Moreover, the price is hovering above the 20 and 50-Day EMAs, highlighting positive sentiments in the short term.

At the time of writing, the RSI line was placed at 54.48 points and that of the 14-Day SMA line was at 59.64 points. The RSI line has made a bearish crossover of the SMA line indicating the shifting sentiment of investors towards the negative side. 

Neo Price Prediction February 2024

The positive view of our analysts is a price target of $14.8 if a breakout is confirmed on the charts. It indicates an upside potential of nearly 20% in the short term. 

Moreover, the bearish view of analysts assumes a breakdown below the 20 and 50-Day EMAs and a breakdown of the lower boundary of the consolidation. It could drag the price to the lower levels of $12 and $11.5.

Neo Crypto Price Prediction 2024

The price forecast for the year 2024 is that the NEO token price could reach a high of $20.60, suggesting a potential gain of over 64.15% if the most positive conditions prevail. Moreover, the negative outlook of the analysts is that the price could reach $16.85.

Neo Price Prediction 2025

By 2025, the Neo price might have attained $29.4 as the highest price. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $21.15.

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.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.