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NEO Price Analysis: NEO Price Continues In A Range Bound Phase Near $10

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NEO Price Analysis
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  • NEO slipped from $12.5 to $10 in the past few days. Meanwhile, it is trading near $10.06 with a gain of 3.57% in the intraday session
  • Technical indicators of NEO suggests a strong upside momentum for the future. NEO/BTC pair has also seen a gain of 3.82%

NEO claims itself as a fast growing and developing ecosystem. It has the goal of becoming the foundation for the next generation of the internet where payments and assets come together. It was initially known as ANT shares and was called as the first blockchain project of China. NEO has a current market dominance of 0.07% and the the total supply of 100,000,000. The current circulating supply of the market is 71% of the total supply and has a ROI of more than 5444%.

The current market cap of the project is $708,221,322 and is ranked 63rd in the CMC. The volume of the project is up by 49% in the past 24 hours. The volume to market cap ratio of the project suggests a consolidated trend in price.

Is NEO Ready For The Next Run?

                       Source: NEO/USDT by Trading view

The weekly technical chart of NEO hints towards a strong consolidation for the further weeks. On coming to the daily chart, the asset price is trading near $10 with a gain of more than 2.9% in the intraday session. The asset price is trading below the 100 and 200 Daily Moving Average. The upside momentum of the asset price can see a halt near the value of $13. Meanwhile, the downside momentum can see a bounceback near $8.

RSI: RSI of the asset price is currently near 43 suggesting its presence in the oversold zone. There is a negative slope formation suggesting a downside trend in price. The overall sentiment of the RSI is neutral.

Conclusion

NEO price is one of the most talked project in the past few months. It is currently seeing a consolidated momentum and can see a new high in the future. 

Technical Levels

Major Support:$8-$8.2

Major Resistance: $12.5-$13

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.       

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