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NEO Price Jumped 10%; Is Neo Crypto Preparing to Hit New Highs?

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NEO Price Jumped 10%; Is Neo Crypto Preparing to Hit New Highs?
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NEO price prediction is bullish for the short term as well as for the long term till it holds the $10.00 level. 

Buyers are active and slowly pushing the price upward by forming higher high swings. It indicates that bulls are returning back on the track and showing their dominance to take control over the demand zone. 

The 50-day EMA is sloping upward, indicating a short-term trend as well as a positional trend in an upward direction. Moreover, the EMAs are acting as immediate support for the bulls and giving confidence to build fresh longs. 

In the last two weeks, NEO crypto price showed a decent bounce by taking support near $10.00. However, while recovering, that trading volume did not rise and it indicates that big players might not have participated in the rally. 

Therefore, if any short-term correction triggers and price retrace back to the EMA, then big players might come forward and take the opportunity to add NEO into their portfolio. 

Currently, the pair of NEO/USDT is trading at $14.22 with an intraday rise of 5.96%. The volume to market cap stands at 15.53%.

Will the NEO Price Go Beyond the $15.00 Level?

NEO Price Jumped 10%; Is Neo Crypto Preparing to Hit New Highs?
Source: NEO/USDT daily time frame chart

NEO price jumped 10% in the current week and attempted to break out of the $15.00 barrier. However, the price is still near the resistance zone and buyers are trying their best to push the price upward. 

If the buyers succeed in breaking out of $15.00 and sustain, then a sharp rise may be visible. As long as the price trades above the 50-day EMA, the bulls may continue their dominance. 

Moreover, the bulls look very aggressive and strengthen their grip so the probability of breakout remains high.

Neo Crypto Price Marching Toward the YTD High Supply Zone

Neo crypto price formed a strong bullish candle on the weekly chart and raced upward to hit a new YTD high. Existing investors and short-term buyers are providing support and successfully absorbing the selling pressure. 

Hopefully, the resistance will become weak and bears might step backward. If buyers succeed in taking control of the supply zone, be prepared for new swing highs in January 2024.

Conclusion

NEO price prediction suggests a rise in the short run as well as in the long run. The recent up move in Neo looks powerful and reliable. So, the probability of the $15.00 breakout remains high. Therefore, Neo investors should play bullish bets and participate in the rally.

Technical levels
  • Resistance levels: $15.45 and $18.00
  • Support levels: $12.00 and $9.97
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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