thecoinrepublic.com
- NEO is an investment token for Neo network.
- Setting newer targets for the upcoming year.
- Volume rises by more than 180%.
Neo bills itself as a “rapidly growing and developing” ecosystem that aims to become the foundation for the next generation of the internet. Still, opposite of its self-given title, there has been no major development in the ecosystem for the past few weeks. The coin has, although for the last quarter, maintained a stabilized movement which is a green flag. The NEO token serves as an investment token and allows people to participate in votes concerning improvements to the blockchain.
The picturesque
The NEO prices move, forming a falling parallel channel with the latest movement in the upper half. It has reclaimed the 20-EMA and may very soon reach for the 50-EMA. Prices must break through the $7.15 piece level to set a strong bullish swing. This rally will aim to reach up to $10.0 and mark a bullish market for NEO. Falling volume, when paired with rising OBV, reflects a bullish divergence and chances of price rocketing.
The prices show consolidation and a horizontal movement, suggesting a possible rise. The CMF moves sideways in the positive zone, akin to the baseline, indicating a steady rise. The MACD shows convergence marking the end of the selling spree. The RSI tries to move above the 50-mark with the rise of buyers in the market.
A smaller frame
The closer window shows a rise in prices with increased positive sentiments among the users. The CMF moves up to the higher zone marking a price rally for NEO. The MACD records ascending buyers and higher green bars. The RSI reaches the upper border and shows signs of becoming overbought anytime soon. A cumulative analysis suggests the prices are surging and may shoot higher shortly.
Conclusion
The Neo network has maintained resilience amid turbulent situations where the whole crypto market was wrecked. The current situation is positive, but for it to stay this way, strong backing is required in the disguise of some new update. Holders may keep an eye on $6 to enter and enjoy the anticipated price rally.
Technical levels
Support levels: $6.00 and $ 5.00
Resistance levels: $10.00 and $11.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.