- The uptrend movement has begun over the daily and hourly chart. The bulls need to speed up.
- The crypto asset is moving above the 20, 50, 100 and 200 daily moving average.
- The NEO/BTC pair is at 0.00004024 BTC with a loss of 0.92 % in it.
Neo bills itself as a “rapidly growing and developing” ecosystem. One of the unique selling points of the Neo blockchain concerns its continuous development, which helps ensure that it is future proof and able to cope with sudden increases in demand.
The NEO price has begun its slow and steady uptrend journey over the daily graph. It looks like the NEO bulls believe in the famous phrase “slow and steady wins the race” as the price is moving slowly but in a continuous uptrend movement. The NEO coin really needs this recovery as it is moving very low compared to its all time high. The bulls need to speed up the process to make conspicuous recovery before the bearish dominance returns.
The current price for one NEO coin is trading at $12.300 with a loss of 0.43% in its market capitalization in the last 24 hrs. The coin has a trading volume of 99 million with a loss of 4.98% in the 24 hrs trading session and a market cap of 850 million. The volume market cap ratio is 0.1177.
Lets see What do Technical Indicator Suggest About NEO
The NEO price made a recovery of 14% in 6 days and is still recovering. The volume is trading significantly low below the average, it is currently at a loss of 4.98% in just 24 hrs trading session.
The asset is moving good enough above the simple moving average of 5 days.
The indicators like MACD indicate a bullish movement further as the MACD line is moving above the MACD signal line. The gap between the lines is moving constantly so a negative cross over can not be expected at least for now.
The relative strength index is indicating the increase in selling as it is slowly moving upwards. The buying pressure is pumping the demand resulting in the increase in price. The RSI value for NEO is above 50.
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Conclusion
The NEO price has begun its slow and steady uptrend journey over the daily graph. The bulls need to speed up the recovery process and to speed up the coin needs to attract more buyers. The technical indicator indicates a bullish rally further.
Technical levels
Resistance levels: $13 and $13.5
Support levels: $11.5 and $11
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.
Source: https://www.thecoinrepublic.com/2022/06/16/neo-price-analysis-slow-and-steady-wins-the-race-still-the-neo-bulls-need-to-hurry-up/