Neo Price Prediction: Is NEO near the end of the Bull run?

Neo Token was currently at $13.54 with a decrease of 9.42% during the intraday trading session.
The 24-hour low of NEO was $12.89 and the 24-hour high of NEO was $14.91.
The current Neo Token price is above 20, 50, 100, and 200-Days EMA.

The pair of NEO/BTC was trading at 0.0005584 BTC with a dip of 5.82% over the intraday trading session.

Neo Price analysis suggests that it is currently in a bearish phase.2022 was a rough year for NEO as sellers dominated the market throughout the year which cause NEO to enter its demand zone near the end of 2022. On the last day of 2022, NEO made its new 52-week low.

But after the start of 2023, NEO started rising constantly first it break its primary support of $7.854 then it broke its primary resistance of $9.797 and then it even broke its secondary resistance of $12.748. But after the breakout bears took back the market from buyers and pushed NEO back to its secondary resistance which shows that this breakout was a false breakout.

Currently spinning top candlestick is forming over the daily trading session which indicates that both bulls and bears are active in the session, the bulls are trying to drive NEO up which can be seen by the long upper shadow, while the bears are trying to drive NEO down, which can be seen by long lower shadow. Hence this is an indecisive session.

The volume of the coin has decreased by 63.48% in the last 24 hours. The decrease in volume indicates that the number of sellers has increased. This shows that sellers are trying their best and there is a relationship between volume and the price of NEO, which represents strength in the current trend.

The technical analysis of Neo

RSI is decreasing and exiting from the extremely overbought zone and trying to enter neutrality and has shown a possibility of a negative crossover which indicates that the sellers are coming in the majority and taking back the market from buyers and pulling NEO downwards. This suggests the strength of the current bearish trend. The current value of RSI is 73.74 which is below the average RSI value of 64.53.

The MACD and the signal line are increasing above zero which indicates the strength in the current bearish trend. Investors need to watch every move over the charts during the day’s trading session.

Conclusion

Neo price analysis suggests that NEO is currently in a bearish phase. On the last day of 2022 NEO made its new 52-week low. But after the start of 2023, NEO starts rising constantly breaking its primary and secondary resistances. But the formation of a spinning top candlestick on the chart indicates the indecisive session between bears and bulls. The decrease in volume shows the lack of confidence in traders. RSI is exiting its extremely overbought zone and has shown a negative crossover possibility. This is a signal for long traders to close their trades.

Technical Levels-

Resistance level- $9.797 and $12.748

Support level- $7.854 and $6.126

Disclaimer-

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

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing