Neo Price Analysis: NEO Successfully Escaped The Range as BTC Recovers till $23000

• Neo price continues the speculations regarding analogy of price action between the altcoins and Bitcoin the traditional cryptocurrency.
• NEO crypto has gained 15% of its market capitalization as it has recovered above 20 and 50 EMA over the daily chart. 
• The pair of NEO/BTC is at 0.0004623 BTC with an intraday gain of 5.61%.

Neo price is coming from some dramatic patterns over the daily price chart. The token at first went into a falling wedge and shattered towards the lower levels. The token then manages to escape the falling wedge over the daily chart. NEO coin after escaping the falling wedge stuck inside the consolidation phase over the chart. The price action of NEO coin can be seen consolidating after leaving the falling pattern. However, the token is still bullish as Bitcoin the giant among cryptocurrencies has finally recovered till $23000 and other altcoins like NEO have also started their respective recovery phases. 

Neo has finally registered its breakout from the consolidation phase and is now ready to move freely without any entanglement. Meanwhile, this recovery phase of Neo may get interrupted by bears due to the bear market circumstances in the market.  

Neo price is currently approximated at $10.65 and has gained 15% of its market capitalization in the last 24-hour period. Trading volume has increased significantly by 106% in the intraday trading session. This indicates the recovery phase of NEO coin and currently NEO is under the influence of buyers and is surging with a definite uptrend momentum. Volume to market cap ratio is 0.1247.

NEO coin price has successfully recovered above the consolidation phase and is trying to sustain at the verge of the consolidation phase. The token still needs to attract buyers in order to sustain at the current level. Meanwhile, volume change can be seen below average and needs to grow for NEO to sustain. NEO crypto has gained 15% of its market capitalization as it has recovered above 20 and 50 EMA over the daily chart. NEO has been consolidating inside the price range of $7.82 and $10.35.

NEO Price Short-Term Analysis:

NEO coin price over the hourly chart can be seen breaking out of the consolidation phase. However, the token is still making a red candle and looks like NEO crypto falters to sustain at the current level. NEO bulls must maintain the accumulation at its peak. Meanwhile, technical indicators over the hourly chart signifies the uptrend momentum of NEO coin. 

Relative Strength Index showcases the uptrend momentum of NEO coin. RSI is at 66 and looks like it’s returning from the current level signaling the struggle of NEO to sustain at the current level. 

MACD exhibits the bullish momentum of the NEO coin. The MACD line is way ahead of the signal line after a positive crossover. 

Will NEO Sustain at the Current Level?

NEO coin is trying to sustain at the current level out of the consolidation phase. The token must maintain the current uptrend momentum throughout the day’s trading session and sustain successfully to avoid getting trapped again inside the range. Technical indicators on the daily price chart suggest the uptrend momentum of NEO coin. Moreover, Bollinger Band is yet to signal any sign for the price actio of NEO coin. NEO coin price action is at the upper band and it may reverse if it crosses the upper band.    

Relative Strength Index showcases the uptrend momentum of NEO coin. RSI is at 58 and is heading towards the overbought territory. 

MACD exhibits the bullish momentum of the NEO coin. The MACD line is ahead of the signal line and is approaching the positive zone. 

Conclusion

Neo price is coming from some dramatic patterns over the daily price chart. The token at first went into a falling wedge and shattered towards the lower levels. The token then manages to escape the falling wedge over the daily chart. NEO coin after escaping the falling wedge stuck inside the consolidation phase over the chart. Meanwhile, this recovery phase of Neo may get interrupted by bears due to the bear market circumstances in the market. Meanwhile, volume change can be seen below average and needs to grow for NEO to sustain. Technical indicators on the daily price chart suggest the uptrend momentum of NEO coin. The MACD line is ahead of the signal line and is approaching the positive zone. 

Technical Levels

Support Levels: $8.80 and $8.00

Resistance Levels: $11.05 and $11.35

Disclaimer 

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

Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.

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