NEO price surged nearly 135% from its swing low in January 2023 to break above the previous swing highs and thus indicating the end of the downtrend. However, the short-term gain in the price triggered a sell-off and the price declined after topping out in April 2023.
The price seemed to enter a correction phase and declined suffering rejection from an upper trendline resistance.
Recently, the price took a rebound from the previous breakout zone and surged till the trendline and consolidated but was unable to break above the trendline resistance and the price slid down.
Neo (NEO) is a blockchain that uses smart contracts to transform assets and identities into digital forms for a smarter economy. It envisions a future where digital assets and identities can enhance everyone’s well-being. Its smart contracts enable efficient and secure management of digital assets, leading to a network of smart economies powered by decentralized applications.
The NEO price is currently trading at $7.17 with a rise of 0.05% in the past 24 hours. Neo holds a total market cap of $505.28 Million and ranks 64th in the crypto market.
The NEO token has a trading volume of $15.79 Million with a decline of 12.42% over the past 24 hours. It has over 70.53 Billion tokens in circulating supply. The volume-to-market cap ratio of the Neo token is 3.12% indicating low volatility in the market.
NEO Price Prediction Using Price Action Strategy
The price is looking bearish in the short term as it is continuously forming lower highs and lower lows and is declining. The price prediction for Neo Coin in the short term is bearish and the traders may look for an opportunity to sell on the rise until the price tends to remain below the upper trendline resistance.
Technical Indicators signal the continuation of the Ongoing Trend.
At the time of publishing, the RSI value of the Neo token is 25.80 and that of the SMA line is 34.9. RSI is struggling to recover after entering an oversold region indicating strong selling pressure in the market at the moment.
As per the EMA analysis, the Neo price is trading below 200 EMA and 50 EMA which indicates a strong bearish trend in the short term.
MACD lines have made a bearish crossover. Also, Histogram bars are being formed below the mean line and of increasing height indicating a lack of buyers at the lower levels.
Conclusion
NEO price prediction concludes that the price rose sharply from January but faced profit booking due to short-term gain in the price. It faced a sell-off and a correction phase, failing to break the upper trendline resistance. The price bounced back from the previous breakout zone, but could not surpass the trendline and slid down. The price is bearish in the short term, forming lower highs and lower lows. The price prediction for Neo Coin is negative and traders may sell on the rise until the trendline is broken.
Technical Levels
- Support levels: $5.99 and $4.50.
- Resistance levels: $8.30 and $10.17.
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.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/21/neo-price-prediction-can-neo-coin-fall-below-5-mark/