The NEO crypto has been recovering from a slump since February 2023. Neo and OKX have teamed up for a hackathon in six APAC cities from July to October 2023. The hackathon aims to boost the adoption of Neo blockchain technology in this region. OKX has created 5,000 unique NFTs for the hackathon participants.
Crypto experts believe that this partnership and event will increase the value of NEO by 25%. NEO is currently trading at $7.22 per coin and could reach up to $8.90 in the next few weeks if the rally occurs.
Neo crypto rose 1.16% in market value and fell by 11.75% in trading volume in the last 24 hours, as per CoinMarketCap which is a crypto data and information website. Its market value is $509,449,075 and its trading volume is $21,119,245. There are 70,538,831 NEO coins in circulation.
Technical Analysis of NEO on 1-D TimeFrame
NEO crypto price showed a downward trend for the past three months, decreasing by 3.50% and making lower lows and highs.
At the time of publication, the crypto price is trading at $7.22 facing resistance and following a downward trendline and declining.
Therefore, if the crypto price sustains the current level and rises, then it might hit the nearest resistance levels of $8 and $9.
However, the crypto price could continue to move downwards and reach the nearest support at $6.5 and $6 if the price fails to sustain the current level.
At the time of publishing, the crypto price is trading below the 20 and 50-day EMAs (exponential moving averages), which are rejecting the price trend.
The MACD line at 0.15 and the signal line at 0.19 are below the zero line and both lines cross each other but the gap is lean in the MACD oscillator. The current value of the RSI is 45.94 points and the 14-day SMA is below the median line at 41.18 points. Collectively, the indicators view have consolidation to bearish.
Conclusion
The NEO crypto price prediction shows a neutral to bearish outlook from investors and traders in the daily time frame. price action reveals a neutral to downward trend at the time of writing. Moreover, the daily chart shows that the price might either consolidate or keep going down according to the RSI, EMA, and MACD.
Technical Levels:
- Support levels: $6.5 and $6
- Resistance levels: $8 and $9
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets 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/2023/09/13/neo-price-forecast-2023-will-it-show-a-rally-to-9-or-beyond/