Neo Price Analysis: NEO Up By 0.58%, Time to Buy?


  • Neo has a medium term resistance at $9.68.
  • First support level for Neo is at $8.13.
  • Bull control NEO’s current price actions.
  • Neo’s EMA(10) shows a upward trend.

03 October 2022 : In this article we will walk you through Neo price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Neo, Is NEO a good investment? Neo support & resistance levels etc. But before diving deep into the NEO technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $942,583,128,025. The total trading volume stands at $56,002,898,106. Bitcoin shares 39.88 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,611.99 level after an upward movement of 2.16%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.95 percent reaching to $1,320.89 during the previous 24 hours.
While publishing this blog, BNB traded at $287.88, following a price change of 1.31% within the same time frame. XRP the native coin of XRP is down by -0.37 and currently trading at $0.46. Additionally, Cardano reached $0.43 after seeing a uplift of 0.33% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Neo Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Neo (NEO)

NEO Resistance Levels NEO Support Levels
Resistance Level 1 $9.20 Support Level 1 $8.13
Resistance Level 2 $9.68 Support Level 2 $7.54
Resistance Level 3 $10.27 Support Level 3 $7.06

Neo Performance

The price of Neo (NEO) is at $8.71, up 0.58% in the past 24-hours and has a price change of 4.42% over the week. One day trading volume for BTC is 29,502,680.00 USD while total marketcap reached $614,408,178.00 USD. There are almost 70,538,831 are in circulation out of 100000000.

Neo Price Analysis

NEO price analysis for 03 October 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Neo.

Moving Averages Price Indicator
Simple Moving Average (10) 8.63 Buy
Exponential Moving Average (10) 8.65 Buy
Simple Moving Average (20) 8.65 Buy
Exponential Moving Average (20) 8.66 Buy
Simple Moving Average (50) 9.36 Sell
Exponential Moving Average (50) 9.34 Sell

NEO has a nearest resistance of $9.20. A bullish breakout in this resistance level would boost the uptrend momentum. The buyers could then target the resistance R2 placed at $9.68. Alternatively, if the investors turn against the Neo (NEO), the bears might control the market and take NEO price below the crucial support level of $8.13. RSI implying near overbought phase while trading at 61 and is trying to break out of the neutrality zone. While NEO’s Williams %R indicator is at -29.492 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The NEO/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market.

Conclusions

There had been a positive trend for some time and it seems that the coin will continue it upward movement as long as it remains in the green area. You should only acquire crypto right now if you're prepared to book profit through short-term market moves.