NEO, a well-known cryptocurrency, has been on a bullish run lately, with its price appreciating by 34% in the past month. This impressive surge in value has sparked questions among investors and crypto enthusiasts about the sustainability of this bullish trend. 100X is a possibility for NEO in 2023?
NEO Fundamental Analysis and Statistics
The price of NEO hit its all-time high of $198 in January 2018. However, the market price of NEO has since been on a downward trend all through the fourth quarter of 2022. However, a price change has graced the NEO token, which began surging well at the start of 2023. NEO has appreciated by 34% in the past month and into the beginning of February.
At the time of writing, the price of NEO is $9.23, with a 24-hour trading volume of $239,910,999. This represents a growth of 0.43108074795162726% in the last 24 hours and a surge of 3.730841097266623% in the past 7 days. With a circulating supply of 71 million NEO, the market capitalization of this cryptocurrency is valued at $655,696,957.
— Neo Smart Economy (@Neo_Blockchain) February 7, 2023
In 2022, despite the bear market, Neo successfully navigated the challenging conditions and made significant progress in laying the groundwork for the future of Web3. Well, this time, there might be something great in store for NEO fans. Additionally, the sentiment among the NEO (NEO) community is bullish, with more than 81% of users feeling optimistic about the cryptocurrency.
NEO Technical Indicator Analysis: The Positive Bullish Trend
The Neo price against Bitcoin is currently exhibiting bullish trends, holding its position above both the 50-day and 200-day moving averages. This is a positive sign for the market, as it indicates that the price is maintaining its upward trajectory.
The technical indicator Relative Strength Index (RSI) is also showing promise, as it is moving towards the overbought region. This is a positive sign for the market, indicating that the current upward trend can continue. In the overbought region, the Relative Strength Index signifies intense buying pressure in the market, which could lead to further price increases.
NEO/USD Daily Chart Analysis and Prediction
The Neo price on the daily chart establishes a new upward trend, potentially leading to bullish momentum and a test of the $9.95 resistance level. The Relative Strength Index (14) also shows a positive crossover trading above 50 and along 70, indicating future resistance levels at $11 and $12.0 in the long term.
The current outlook for the Neo price is cautiously optimistic. If the price continues to rise, traders may expect to see a continuation of bullish trends in the short term. This would indicate that the market is experiencing positive investor sentiment and an increase in buying pressure.
On the other hand, if the price falls below the 50-day moving average, it could signal a shift in market sentiment and a decrease in buying pressure. In this scenario, a bearish trend may emerge, leading to a potential downward price movement towards long-term support levels of $7.5 and $8.0, respectively. These levels have previously served as strong support for the Neo price, and a breach of these levels could result in further price decreases.
Based on this analysis, it’s evident that NEO might be moving higher this month. Our prediction for the NEO in the Q1 of 2023 is $13.26.