Bitcoin
BTC$49 193.22

-7.23%

Ethereum
ETH$4 116.36

-1.41%

Binance Coin
BNB$561.89

-4.29%

Tether
USDT$1.001881

0.18%

Solana
SOL$196.65

-3.68%

Cardano
ADA$1.39

-8.99%

NEO Has Its Target Set on 50 EMA


April 2020

If someone said in the last days of January that NEO is going to fall to the lowest price level since 2017, that person would have been labeled as an urban madman. But things turned out the way they did, and now traders and investors are trying to elaborate tactics and approaches relevant to the current circumstances, which got everyone but the most industrious entangled in an aggressive bear market with tons of rapidly devalued assets on their hands.

Nevertheless, it’s not the first nor the last time that NEO, and the rest of cryptocurrencies, suffer such a disaster, so all that’s left now is to learn to adapt to the current market climate and plan for the future price recovery. NEO badly needs that recovery because the coin risks losing traders’ interest, although long-term investors must be keeping their composure as the 23rd cryptocurrency still retains 3800% in terms of all-time ROI.

Recovering slowly but steadily


Even though NEO lost 60% of its value in a span of 48 hours, the price of the coin still hasn’t crossed the psychological level of $0.07, which constitutes the all-time low. The freefall had been stopped by the buyers at $3.9, a point comfortable enough for the market participant to start obtaining new positions from the 3-year low. Given that many traders must have fled this market after the notorious crash, or decided to lay low until the overall picture and prospects become a bit clearer, there hasn’t been a lot of action on that particular market in the last week and a half, although the emerging tendencies seem to be quite interesting.

1-day NEO/USDT chart

Indeed, NEO hasn’t shown any large price spikes in either direction during the recovery period, while the Average True Range indicator showed a gradual decline from extreme highs at 1.4 to the present 0.8, which means that the volatility associated with this coin is likely to keep declining, thus tightening the range of price action.

But what’s really fascinating about NEO is its volume profile, which shows a furious underlying battle between the bears and the bulls who want to break away close - or above - the 50-period moving average. Also, note that the price has already tested the 25-period EMA once but got rejected. But the fact that the buying volume during the last upward move has been on the rise, as we saw four green days in a row,  speaks to the fact that the participants have allocated large enough positions to push the price higher, towards the 50 EMA or $8.6.

This forecast is substantiated by the notion that the bulls, which had been trapped in the bearish zone below $6.72 that formed after the first post-crash green candle and the largest buying volume in that particular period, would want to add to their positions once they have seen a full confirmation of a breakout from the designated zone. The verification should come in the form of a red candle that should stay above the current support level, along with a lesser selling volume.

Besides, the chart shows the formation of a bullish S-curve, which is yet another prerequisite for the stride to the 50 EMA. Keeping in mind the decreasing volatility, this move could be slow and gradual. Once it’s completed, the consolidation range will be between $6.72 and $7.8.

Author: Alex Paulson for Crypto-Rating.com

Related

Neo: The Bullish Flag Awaits Resolution
Neo: The Bullish Flag Awaits Resolution
Neo Explodes to the Upside After Successful Break
Neo Explodes to the Upside After Successful Break
Neo Bullish On All Fronts This Summer
Neo Bullish On All Fronts This Summer
NEO Is a Step Away From the Explosive Zone
NEO Is a Step Away From the Explosive Zone
NEO: Cup & Handle Turned Bearish Spike Pattern
NEO: Cup & Handle Turned Bearish Spike Pattern
NEO: The misleading rally in January
NEO: The misleading rally in January
NEO Price Forecast for November 2019
NEO Price Forecast for November 2019
NEO moves to new blockchain - NEO 3.0
NEO moves to new blockchain - NEO 3.0

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 76.4% 50 $49 193.22 -7.23% -9.28% $929 329 350 425 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 81.2% 36 $4 116.36 -1.41% 2.01% $488 235 923 439 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 80.8% 32 $561.89 -4.29% -4.45% $93 723 146 872 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 92% 1 $1.001881 0.18% 0.13% $74 297 173 480 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 70% 62 $196.65 -3.68% 5.13% $60 103 456 849 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 64% 72 $1.39 -8.99% -7.87% $46 392 712 007 ADA 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 90.4% 2 $1.000412 0.03% 0.07% $40 042 314 055 USDC 7 days price change
8 XRP (XRP) XRP XRP predictions 70% 66 $0.833702 -8.59% -10.36% $39 390 183 603 XRP 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 62.8% 76 $28.88 -12.51% -15.64% $28 521 499 285 DOT 7 days price change
10 Terra (LUNA) LUNA Terra predictions 69.6% 62 $72.27 18.51% 68.39% $28 015 046 896 LUNA 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 73 $0.173763 -11.84% -13.14% $23 003 781 874 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64.4% 75 $90.60 -13.00% -15.64% $21 989 955 830 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 62.4% 76 $0.000036 -8.82% -3.38% $19 811 050 065 SHIB 7 days price change
14 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 57.6% 86 $0.599768 -2.91% -17.36% $15 151 941 276 CRO 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 94% 1 $1.000770 0.14% 0.03% $13 610 910 664 BUSD 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.