![]() The first logical move south for the price would be to revisit the 66.7% Fibonacci retracement at $10.35 or lower to the 43% Fibonacci retracement at $8.82. In such a scenario, the NEO token supply would increase in the market, causing the price to drop. Besides being overbought, investors could be tempted to book early profits given the enticing price move thus far. This means buyer momentum could wear out soon, and a pullback would take effect. On the other hand, given the position of the RSI at 77, the NEO token was overbought. If the current price trend continues, a bull market may be underway for the NEO token. It occurs when a short-term moving average (in this case, the 50-day SMA) rises above a long-term moving average (in this case, the 200-day SMA). A golden cross is a technical formation that indicates the potential for a major rally. Notice a pending golden cross on the NEO/USD daily chart (above) that will be validated once the 50-day SMA crosses above the 200-day SMA. These were possible locations for bulls to gather strength and refresh their buying momentum before scaling another attack northward. The NEO price also enjoyed strong support downward courtesy of the 200-day, 50-day, and 100-day Simple Moving Averages (SMAs) at $8.23, 8.14, and $7.43, respectively. The MACD was also moving in the positive region above the neutral line, adding credence to the positive thesis. These, coupled with the histograms soaked in green, showed that bulls were leading the market. The upward-moving Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators support the positive outlook for the NEO price. NEO/USD Daily Chart TradingView Chart: NEO/USD Such a climb would signify a 54.73% increase from the current levels or a 193.07% ascent from the year’s lows. In highly ambitious cases, increasing buying appetite among NEO bulls could tow the price to the 182% Fibonacci retracement at $17.81. In this regard, the first logical move would be the 108% Fibonacci retracement at $13.02, after which the price could scale higher to revisit the 154% Fibonacci retracement at $16. If bulls manage to increase their buyer momentum past this level, it will clear the path for them to target higher price levels. A daily candlestick close above this level would increase the chances for the Chinese Ethereum to record more profits for investors. Incoming Bull Market For NEO Token Following A Pending Golden CrossĪt the time of writing, NEO was trading at $11.49, with bulls boasting a four-day lead that has catapulted the price by 30%.Īs bulls plan more gains, the price was confronting the immediate resistance at $12.17 that has petrified NEO price in the past. The emergence of new cryptocurrencies, efficient payment options, and investments has delivered many milestones over the years, with Neo becoming one of the most unique projects thus far. However, it did not impede its ability to perform. The FTX implosion and the collapse of crypt firms like Celsius Network and Voyager crippled the market for some time when it destabilized investor confidence. While the reason for the price surge is not immediately clear, all signs point to the current general positivity in the market because there is no significant news or developments on the platform.Īmid court scandals and market volatility, cryptocurrency continues to survive because it operates autonomously of any corporate entity. It aims to deliver a new economy that meets users where digitized payments, identities, and assets converge. The Neo blockchain platform is often referred to as the “Chinese Ethereum.” It supports smart contracts and decentralized applications, touting itself as a “rapidly growing and developing” ecosystem committed to becoming the foundation for the next generation of the internet. NEO Price Soars On General Positive Sentiment In The Crypto Market Top 10 #Crypto Performers in past 3 Days within Top 100 Marketcap Coins:ġ0. With this track record, NEO has made it to the list of top-ten performers in the past three days within the Top 100 market cap coins. There was also a lot of trading activity on the Neo blockchain as the 24-hour trading volume was up 477.84% to $292.19 million in 24 hours. This places the token at #68 on the CoinMarketCap list. With this, the token’s market cap soared 17.76% in the same period to $814.07 million. The pace was slow until four days ago, when the token finally exploded 30% to record an intraday high of $12.15 on February 20.Īt the time of writing, NEO was auctioning for $11.49 after it had gained 17.63% on the last day. Despite the bears’ efforts to recover the market, the bulls tightened their grip on the token. NEO price has been trading with a bullish prejudice since the onset of 2023, soaring almost 90% year to date. Join Our Telegram channel to stay up to date on breaking news coverage ![]()
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