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- 1 When the AI bot was asked to predict the future performance of NEO Crypto, it projected a substantial drop in its value.
- 2 The price of Neo is trading at $8.77. However, the crypto’s price declined by -3.74% in the last 24 hours (press time).
A smart economy with digital assets, digital identities, and smart contracts is the goal of Neo Crypto, a blockchain and cryptocurrency platform. It began as AntShares in 2014 and became Neo in 2017. It resembles Ethereum, as both platforms allow the development of decentralized applications (dApps) and have their tokens. The current market cap of Neo coin is $616.361 Million.
ChatGPT was given specific metrics, such as the current NEO price and RSI, to get more insights. It revealed some important data.
The current price of NEO on the daily time frame is $8.77, with its relative strength index (RSI) being 43.46, and the 14-day SMA line in RSI is 50.79. These indicators suggest the price is in a neutral zone, neither overbought or oversold. However, the price is below the 50-day and 200-day SMA, indicating a bearish trend.
The possible price movement in a week depends on various factors, such as market sentiment, news, events, and technical analysis.
Neo Protocol Price Technical Analysis
NEO stock price is in a downtrend, forming lower lows patterns. However, it recently faced resistance at the 200 MA level. The stock price is trading between the 50-day and 200-day simple moving averages (SMA), indicating neutral momentum. The moving average convergence divergence (MACD) indicator consolidates around the zero line. The MACD line has crossed below the signal line, suggesting a possible bearish momentum. The relative strength index (RSI) is in neutral territory, showing weakness in price.
Volume Analysis
NEO trading volume for the last 24 hours is $24839325, with a 14.10% rise. Moreover, the volume has been declining for a long time.
Conclusion
The current data and analysis reveal that bears and bulls are in a close contest. NEO is trying to break out of a downward pattern having two barriers: a trendline and the 200-day EMA. The price action indicates investors must wait for a proper setup to identify the next direction. NEO price is in neutral territory at the moment. Furthermore, indicators such as the EMA, RSI, and MACD are giving bearish signals about NEO crypto. The current situation requires traders and investors to be patient and look for a definite sign of the market moving up or down beyond the limits before making any decisions in the future.
Technical Levels:
- Support – The current support level is $7.56.
- Resistance –The current resistance level is $10.06.
Disclaimer
The analysis given in this article is for informational and educational use only. Do not use this information as financial, investment, or as trading advice. Investing and trading in crypto is a risky task. Please consider your circumstances and risk profile before making any investment decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
