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- 1 The Neo Crypto rebounded from the 50-day exponential moving average and surged higher.
- 2 The crypto trades near the monthly high value and may resume on the higher side.
The Neo crypto extended the rally on the second consecutive day and surged over 7.51% Intraday. The bulls control the trend and are poised to surpass the monthly high value. When writing, the crypto was trading close to $22.496.
The daily chart demonstrates that the long-term trend outlook is positive, attracting buyers at the pullbacks. The NEO crypto is headed towards the north, forming higher highs and higher lows.
Recently, a selloff was observed; however, it lost momentum near the 50-day EMA. The bulls took the discounted price as an opportunity and added aggressive long positions, which caused the NEO price to bounce back toward higher levels.
The price hovers near the recent swing high and may register a breakout above the monthly low value. On the higher side, the $22.6 level is acting as a hurdle which, once surpassed, may unlock higher targets of $25.7 and $28.
Neo Crypto Volume Analysis
The volume analysis shows that the NEO cryptocurrency received nearly 681.1 million USD in the last 24 hours, which is 88.04% higher than the previous day’s volume. Also, the price has witnessed an upthrust in the last couple of sessions. On a combined analysis, the price rise is supported by a subsequent rise in the volume, indicating further gains in the near term.
The volume-to-market capitalization ratio is 42.34%, suggesting high volatility in the crypto. It has 70.538 Million NEO tokens in the circulating supply, which is nearly 70.54% of the total supply. The total supply of Neo is 100 Million tokens.
Neo Price: Sentiment Analysis
The sentiment data suggest the current bias of the traders and investors, whether it is bullish, bearish, or neutral. As per the data obtained, the positive sentiments have been on the rise for most of the time since January, indicating continuous growth in the Neo price in the last couple of months.
However, the weighted sentiment curve seems to be retracing the zero line multiple times, suggesting a sentiment change from bullish to neutral. The weighted sentiment curve is currently placed above the zero line and is headed higher after retracing it. It indicates a continuation of a positive bias in the short term.
Neo Crypto Forecast April 2024
On the most bullish observation, the Neo price could rise to higher levels of $25.8 and $28, indicating an expected gain of over 25% by the month end. On the flip side, our analysts’ most pessimistic price observation is for the price to break below the key EMAs of 20 and 50 days, after which it may fall towards the $14 level.
Conclusion
NEO crypto Price is stretching higher for the second consecutive session. When writing, it was trading near $22.496 with a 7.51% intraday surge. The long-term trend outlook is positive, attracting buyers and forming higher highs and lows.
Despite a recent selloff near the 50-day EMA, bulls have been buying the dip, pushing prices up. NEO is close to breaking past the monthly high, with potential targets at $25.7 and $28. The Volume surged by 88.04%, indicating further gains. The volatility is high, and the sentiment is positive, suggesting continued bullishness in the short term.
Technical levels
- Support levels: $14.59 and $10.99
- Resistance levels: $22.69 and $25.7
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
