Home
News
- The token has shown bullish actions in the previous sessions.
- NEO token is trading above the demand zone on the daily time frame.
- The pair of NEO/USD is trading at the price level of $8.10 with a gain of 0.69% in the past 24 hours.
NEO token was trading in a downtrend with bears pushing down the price of the token forming lower highs and lower lows and was trading in a downward parallel channel respecting the highs and lows of the channel.
NEO token on the daily chart
The token has broken out of the downward parallel channel with high volume, and bulls are driving up the token’s price. According to the daily chart, NEO token is currently trading at $8.10, up 0.69% in the last 24 hours. It is now trading between its two major Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). On the daily time frame, the token has retraced to its previous demand zone and is trading above it.
Relative Strength Index:The asset’s RSI curve is currently trading at 65.17, indicating that it is in the overbought zone. The recent increase in the price of the token has increased the value of the RSI curve. If the bulls continue their bullish momentum in the following days, the RSI curve will remain in the overbought zone.
Analyst view & Expectations
The token has shown bullish momentum in the past few days and has sustained above the demand zone on the daily time frame. Investors who want to buy now can do so as the token has entered a short term uptrend and can aim for $9.15 as a short term target. Whereas, intraday traders have a good opportunity to go long and book profits as per their risk to reward ratio.
According to our current NEO price prediction, the value of NEO will fall by -1.09% and hit $ 8.01 in the coming days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 54. (Neutral). Over the previous 30 days, NEO had 20/30 (67%) green days and 9.52% price volatility. According to our NEO forecast, now is a good time to buy NEO.
Technical Levels
Major support: $7.52 & $7.15
Major resistance: $9.15 & 200 EMA on the daily time frame.
Conclusion
The token has gained traction, and bulls have taken control of the trend, driving up the token’s price and forming a bullish chart pattern. Investors can buy now by managing their risk to reward ratio.
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 is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She 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. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
