Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it’s advance.
Following a resistance breakout, the next closest resistance zone becomes a price target.
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NEO Crypto Price Analysis
- Current Price: $10.08
- Market Cap: $710,998,644
- 24h Trading Volume: $54,058,666
- Circulating Supply: 70,530,000 NEO
- Total Supply: 100,000,000 NEO
- 24h Low/High: $9.69 / $10.53
Price is in a Downtrend. However, it’s broken back above $10.00 resistance and could revisit $12.00 for +20% potential gain. This is a higher risk trade setup since the overall trend is down.
Weekly Price Analysis
- 7d Price Change: +2.06%
- Weekly Open Price: $9.87
- Trend: Short-term trend is Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
- Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
- Support and Resistance: Nearest Support Zone is $8.00. Nearest Resistance Zone is $12.00.
Technical Indicators
- RSI (Relative Strength Index): 55, indicating neutral market conditions.
- MACD (Moving Average Convergence Divergence): Slightly bullish crossover.
- Bollinger Bands: NEO is trading near the upper band.
News Roundup
- NEO has gained significant attention as one of the top performers in the crypto market recently, with a 3.14% rise in the past 24 hours.
- The broader market momentum, including Bitcoin surpassing $60,000, has positively influenced NEO’s performance.
This bullish sentiment is further supported by the recent surge in trading volume and investor interest, with NEO being recognized as one of the key altcoins to watch.
Conclusion
NEO’s current market position, coupled with favorable technical indicators and increased investor activity, suggests a positive outlook in the short term. However, caution is advised due to potential market volatility.
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