- Neo price (NEO) surged 0.18% in the past day and it is currently trading at $9.04.
- Neo price (NEO) derivatives data states that a total of $10.7K OI has been created on the long side against $2.68K OI on the short side in the past 24 hours.
Neo coin (NEO) is the cryptocurrency of Neo, a blockchain platform that enables the development and deployment of decentralized applications (DApps) and smart contracts. Neo coin is used to pay for transactions and network fees on the Neo network. It is also a governance token that allows holders to vote on network upgrades and changes.
NEO price is currently trading at $9.04 with an increment of 0.18% in the past 24 hours. According to CoinMarketCap data, NEO cryptocurrency holds a total market cap of $636.6 Million and ranks 65th position in the crypto market. It received $33.3 Million in volume in the past 24 hours which is 13.27% more than the last day.
It has over 70.5 Million in circulating supply. The volume-to-market cap ratio of NEO coin is 5.24% which indicates low volatility in the market.
NEO Price Prediction Using Price Action Strategy
As per the Neo price prediction, the coin seems to be in a long-term declination phase since December 2022. However, it started this year with a surge of 120% after it took a rebound from the demand zone at $5.36. The NEO price showed a change in character as it broke above the previous swing high. Thereafter, the price went into a correction phase forming lower highs and lower lows.
Source: NEO/USD By TradingView
The daily chart reveals that the NEO coin is observed to be in a short-term correction phase and correcting by forming lower highs and lower lows. Recently, the price has got support from the demand zone and started forming higher lows and higher highs. Currently, the price is inclining by taking support from a lower trendline.
However, the price lacks momentum which indicates weak hands participating in the buying. For the Neo coin to change its short-term trend, more buyers are needed to accumulate and pump the price with momentum.
Indicator Analysis
As per the EMA analysis, the NEO price is trading below all the EMAs. the 100 EMA seemed to be acting as a resistance for the price as the price got rejected from 100 EMA and formed a new swing low. However, the price has to surpass the hurdles of all the EMA to change its short-term trend.
At the time of publishing, the RSI value of the Neo coin is 50.76 and that of the SMA line is 49.13. RSI is taking support from SMA and has gone flat which shows the short term bullish to neutral sentiment in the market.
MACD lines are showing a bearish crossover but both the lines are above the mean line. Additionally, histogram bars are being formed below the mean line which indicates short-term bearish to neutral sentiment.
Conclusion
NEO price prediction concludes that the price seemed to be in a short-term correction phase after a surge of nearly 120% in January 2023. The price is taking a pullback forming lower highs and lower lows. Recently, the Neo coin price has got support from the demand zone and inclined by forming higher highs. However, the price lacks momentum. If the Neo price is able to gain the interest of buyers, then it may result in a shift in the trend and the price may surge higher.
Technical Levels
- The support levels of NEO at $7.53 and $5.66.
- The resistance levels of NEO at $11.03 and $13.81.
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.
