Can Bulls In Neo Crypto Keep On Stretching The Gains Above $22? The Neo Crypto took rebound from the 50 day exponential moving average and surged higher.
The crypto trades near the monthly high value and may resume its way on the higher side.
The Neo crypto extended the rally on the second consecutive day and surged over 7.51% Intraday. The bulls are in control of the trend and are poised to surpass the monthly high value. At the time of writing, the crypto was trading close to $22.496.
The daily chart demonstrates that the long term trend outlook is positive which is attracting buyers at the pullbacks. The NEO crypto is headed towards north forming higher highs and higher lows.
Recently, a selloff was observed however, lost momentum near the 50 day EMA. the bulls took the discounted price as an opportunity and added aggressive long positions which caused the NEO price to bounce back towards the higher levels.
Currently, the price hover near the recent swing high and may register a breakout above the monthly low value. On the higher side, the $22.6 level is acting as a hurdle which once surpassed may unlock higher targets of $25.7 and $28.
Neo Crypto Volume Analysis
The volume analysis shows that the NEO cryptocurrency received nearly 681.1 Million USD in volume in the last 24 hours which is 88.04% higher than the previous day’s volume. Also, the price has witnessed an upthrust in the last couple of sessions. On a combined analysis the price rise is supported by a subsequent rise in the volume indicating further gains in the near term.
The volume to market capitalization ratio is 42.34% suggesting high volatility in the crypto. It has 70.538 Million NEO tokens in the circulating supply which is nearly 70.54% of the total supply. The total supply of Neo is 100 Million tokens.
The sentiment data suggest the current bias of the traders and investors whether it is bullish, bearish or neutral. As per the data obtained, the positive sentiments were on the rise for most of the time Since January which indicates continuous growth in the Neo price in the last couple of months.
However, the weighted sentiment curve seems to be retracing the zero line multiple times suggesting a change of sentiments from bullish to neutral. Currently, the weighted sentiment curve is placed above the zero line and is headed higher after retracing it. It indicates a continuation of a positive bias in the short term.
Neo Crypto Forecast 2024
On the most bullish observation, the Neo price could rise to higher levels of $25.8 and $28, indicating an expected gain of over 25% by the month end. On the flip side, the most pessimistic price observation of our analysts is for the price to break below the key EMAs of 20 and 50 days after which it may fall towards the $14 level.
Conclusion.
NEO crypto Price is stretching higher for the second consecutive session. At the time of writing, it was trading near $22.496 with a 7.51% intraday surge. The long-term trend outlook is positive, attracting buyers and forming higher highs and lows.
Despite a recent selloff near the 50-day EMA, bulls have been buying the dip, pushing prices up. NEO is close to breaking past the monthly high, with potential targets at $25.7 and $28. The Volume surged by 88.04%, indicating further gains. The volatility is high and the sentiment is positive, suggesting continued bullishness in the short term.
Technical levels:
Support levels: $14.59 and $10.99
Resistance levels: $22.69 and $25.7
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
