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NEO Price Analysis: The Recovery is Set in Motion. The Bulls Need to Drive Fast

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  • The uptrend has begun. The bulls need to drive fast to make a useful recovery
  • The crypto asset is trading above the 20, 50, 100 and 200 daily moving average
  • The NEO/BTC pair is at 0.000399 BTC with a gain of 4.24 % in it.

Neo bills itself as a “rapidly growing and developing” ecosystem that has the goal of becoming the foundation for the next generation of the internet — a new economy where digitized payments, identities and assets come together. The open-source platform Antshares was subsequently rebranded to Neo three years later.

The NEO coin has started its uptrend journey over the daily graph. The price is recovering slowly indicating the increase in the number of buyers. The bulls are taking over the market slowly in order to prevent a neck-to-neck fight between the 2 gangs. But this slow recovery will not help so the bulls need to make the coin recover fast, so as when bears start opposing the movement the investors can have a buffer to make a safe exit.

The current price for one NEO coin is trading at $12.06 with a gain of 4.25% in its market capitalization in the last 24 hrs. The coin has a trading volume of 128 million with a good gain of 40.52% in the 24 hrs trading session and a market cap of 850 million. The volume market cap ratio is 0.1486.

Let’s see What do Technical Indicator Suggest About NEO

The price surged 16% in 4 days after a slow growth. While talking about the volume, it gained 40% in 24 hrs and is moving above the average. 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 giving an unpredictable move.

The relative strength index is indicating the increase in selling as it is slowly moving upwards. The buying pressure makes the price climb again as the demand increases. The RSI value for NEO is nearly equal to 50.

The crypto asset is moving good enough above the exponential moving average of 5 days. This recovery should last longer then only it will be useful for the coin.

ALSO READ – SEC To Regulate NFT’s Insider Trading Policies: BEWARE

Conclusion

The NEO coin has started its uptrend journey over the daily graph and the price is recovering slowly. The coin needs more buyers in order to accelerate this process. Technical indicators indicate a bullish movement further. Looks like the NEO investors are taking interest once again.

Technical levels

Resistance levels: $13.5 and $14

Support levels: $10.75 and $10

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.

Nancy J. Allen
Latest posts by Nancy J. Allen (see all)

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