Neo Price Prediction: NEO in Correction Phase Post Bull Run

The NEO/BTC pair was trading at 0.000437 BTC with a dip of 1.73% over the intraday trading session.

Neo price prediction suggests that it is currently facing price correction after a bullish phase in the market. NEO was trading near its secondary support of $5.929 late last year due to heavy selling pressure.

However, since the start of 2023, NEO price again gained its upward movement amid renewed buying pressure. NEO token has broken its primary support and resistance as can be seen over the daily time-frame chart.

But as NEO token reached its secondary resistance, sellers became hyperactive which triggered the price fall of NEO token till it reached its primary support of $9.091.

The sellers are active near the secondary resistance, waiting to push NEO below which can also be called the distribution or supply zone for NEO price. However, NEO price again started its upward movement with the help of active buyers in the market. However, after reaching its primary resistance of $13.291, active sellers rejected its surge.

The trading volume of the coin decreased by 39.42% in the last 24 hours, indicating that short-selling in the market has increased. Essentially, the sellers might be overwhelmingly active right now.

Neo Price Technical Analysis

The Relative Strength Index (RSI) is decreasing in the overbought zone and might enter the oversold zone, wherein the sellers are in the majority, pushing NEO downwards. This shows the strength of the current bearish trend. The current value of RSI is 51.26, which is below the average RSI value of 55.04.

The MACD and the signal line are intersecting and might show a negative crossover on the daily chart.

Conclusion

Neo price prediction suggests that it is currently facing price correction post bullish movement in the market. In 2023, NEO price is seeking stability with the help of buyers. The decrease in trading volume shows a lack of trust among the traders.

Furthermore, the RSI and MACD are decreasing and might be heading for a negative crossover over the daily trading chart, which indicates strength in the current bearish phase. Traders are advised to proceed with caution when making trades in the market.

Technical Levels

Resistance level- $13.291 and $14.898

Support level- $9.091 and $5.929

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