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- 1 Neo currently trades at $7.52, with a gain of 2.31% during the intraday trading session.
- 2 NEO price surges above the 20-day exponential moving average.
- 3 The year-to-date return of NEO is 22.84% while the three-month return is -7.27%.
NEO crypto price has been under a solid confluence of bears after it faced rejection from $10.79 on July 1, 2023. On August 15, the cryptocurrency price witnessed a substantial downfall and melted down to form a support at $6.90. Currently, Neo’s price is stuck in a consolidation zone, ranging between $6.90 and $7.55, since August 18.
On September 5, the asset price attempted to break the resistance level and succeeded but could not close above it. The price retraced back and closed back in the zone. The previous candle closed as a bullish candle with a long upper wick, and the current candle is striving to close above $7.55 and break the previous candle’s high.
If the current candle can break the previous candle’s high and close above $7.55, the NEO price might rise next to the resistance level of $8.55. On the other hand, if the price falls back into the zone and the next candle can break the low of the current candle, the NEO price might fall back to the recent support of $6.90.
Total Value Locked Declines Significantly
The market capitalization of NEO rose by 2.43% at the time of writing. The 24-hour trading volume is up 31.81%. The price is down 96.15% from the all-time high of $196.85 and up 10384.93% from the all-time low of $0.07229.
The total value locked of NEO peaked during the start of 2023, amounting to $56.06 Million. Since then, there has been a substantial downfall. The current total value locked is $30.31 Million.
Will NEO Price Close Above $7.55 Level?
The cryptocurrency price has jumped above a 20-day exponential moving average and will soon cross a 50-day EMA if bullish momentum sustains, indicating a rise in bullish momentum.
The Chaikin money flow score has dropped below the 0 mark despite the surging price.
CMF currently trades at -0.02, suggesting slight weakness and capital outflow from the market.
The relative strength index has crossed the 50 neutral mark positively and trades at 55.82, implying a rise in the participation of bulls in the market. The Bollinger bands have contracted, indicating a decrease in volatility. NEO price has reached near the upper band which indicates the possibility of a short-term pullback.
According to Coinglass, the long-short ratio of NEO is 0.76, with 43.34% longs and 56.66% shorts, suggesting a higher seller position in the last 24 hours.
Conclusion
The market structure and price action of NEO is indecisive as the price is stuck in a consolidation zone. However, there is a strong presence of bulls in the market but the price needs to rise above $7.55 to witness decent gains.
Technical Levels
Major support: $6.90 and $6.40
Major resistance: $8.16 and $8.55
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.