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NEO token shows slight improvement today following a week of steep volatility in the crypto market. The coin recorded a sharp surge in the early hours of today’s trading session, hitting a day high of $7.2297 before relapsing below $7.1.
NEO, alongside several other cryptocurrencies, took a heavy blow, falling off the $9.0 price level following the Fed’s announcement of the interest rate hike in July. The downturn escalated as the bears increased their charges between August 16 and 19, pulling NEO off the $8 support to below $7.
However, recent price movements suggest a bullish rebound is likely as Neo has broken above the $7.2 price level thanks to the slight uptick in the global crypto market cap. But how far can these strides go?
Bulls Reenter the Market – Time for NEO to Soar Higher?
NEO shows recovery signs in today’s trading session, trading at $7.1. Unstable price movements have characterized the past seven days, as NEO sharply secured higher positions and suddenly regressed.
However, while the bears have pushed it off the $7.375 week high attained on August 23, the token still holds above the week low of $7.059 recorded on August 22.
Nonetheless, NEO’s trading activity remains low, with an over 11% decline in 24-hour trading volume. NEO has come a long way since its launch in 2014. While its current price is over 96% lower than its all-time high of $196.85, the token has risen over 9724% from its all-time low price of $0.07229.
Most of NEO’s downturn is attributed to the ongoing market downturn. Therefore, some analysts believe the token will add over 8% and reach $7.76 when its trading activity picks up and the crypto market fully recovers. But how soon? The following analysis might hint at a possible timeframe.
Ecosystem Developments and Collaborations Could Empower NEO Bulls to New Highs
While NEO has succumbed to bearish pressure in the broader crypto market, it is worth noting that notable developments in its ecosystem could facilitate a bullish breakout for the token. Notably, the ongoing bullish strides are connected to an August 28 announcement by Skry Labs, a startup incubator.
We're thrilled to announce our strategic partnership with @Neo_Blockchain.
We will work together on ecosystem growth and the development of developer communities.
Stay tuned for what's to come. #web3 #acceleration pic.twitter.com/c778Bfuvcn— SkryLabs (@SkryLabs) August 29, 2023
According to the announcement, Skry Labs launched a strategic partnership with Neo Blockchain. The alliance is aimed at fostering growth and development within web3 developer communities.
Being a new force in the crypto space, committed to driving development by empowering the next generation of web3 startups, Skry Labs’ partnership with Neo Blockchain bodes well for NEO.
It could trigger a wave of innovation, attracting new users to the Neo ecosystem. This feat could lead to an uptick in trading activity and potentially skyrocket NEO’s price. Meanwhile, both parties have yet to provide specific details about the development.
NEO Market Position Suggests Bulls Are Charging Up to Reclaim Control; Can It Retest $7.2 Before the Day Ends?
As depicted on the chart above, NEO token trades at $7.04, below the 50 and 200-day moving averages at $8.34 and $9.99, respectively. This observation demonstrates the bearish momentum in the coin market over the past weeks.
Moreover, the bears have sealed their stance with a short red candlestick. They are intent on stopping NEO from approaching the 50-day moving average ($8.34), a point serving as significant resistance to reclaiming the $9 price level.
However, the moving average convergence divergence indicator suggests a bullish trend reversal is imminent since it has broken slightly above the signal line. Furthermore, the short green histogram bars after the faded red ones show the selling pressure on NEO has dwindled as buyers gradually build strength to rally.
Also, NEO has slightly emerged from the oversold position, as indicated by the relative strength index at 30.32. Nevertheless, the asset is still in a critical position as the RSI in the neutral area suggests uncertainty as buyers and sellers attain equilibrium while struggling for supremacy.
The outcome of this struggle may become notable in the next few hours, as NEO would soar higher if buyers regain strength or regress if the bears win.
NEO Sits Above Critical Support Level, Approaching $9.0 Resistance, Will It Succeed?
Neo token faces stiff resistance at the $9 price level, struggling to reclaim lost gains over the past few weeks.
After pulling back from the $7.23 peak value recorded earlier in the day, NEO trades above two key support levels, $6.93 and $6.49. Given the current market position, NEO could record a significant boost to $8 and retest the $9 resistance in the coming days if buyers capitalize on the oversold condition to accumulate more coins.
A successful break above the $9 price level could propel the token to the $11.19 resistance, a 58% increase for those who leveraged the current prices.
Conversely, a breach below the critical support levels could result in a prolonged downward movement. But while the low prices present attractive entry points for long-term investors, traders should exercise caution since NEO could follow a different trend due to unforeseen circumstances.
Sonik Gains Massive Attention in Presale, Emerging as Potential Alternative for Investors
While still in the presale phase, Sonik Coin has positioned itself as a potential competitor to establish coins like NEO. Sonik Seeks to scale its presale and achieve a $100 million market capitalization with the speed of light.
With this goal in mind, the meme token’s creators capped its total supply at 299,792,458,000 to denote the coin’s ability to grow as fast as the speed of light.
Sonik Coin (SONIK) is a meme crypto that draws inspiration from the viral Sega Franchise. The project team devised plans to revolutionize the meme coin space by combining speed and staking.
Sonik leverages meme coins’ virality and their ability to command high community engagement with humor. However, the project stands out among other meme coins that often have no intrinsic value because it has a staking utility.
Sonik Coin allows investors to earn using a stake-2-speed utility, which gives users a vast APY yield for locking their SONIK tokens in a staking pool. This utility has attracted massive attention from meme enthusiasts, crypto influencers, and the broader cryptocurrency community.
As a result, over 24 billion SONIK coins have been staked on the pool.
Furthermore, Sonik Coin promises to distribute 40% of the total supply to stakers over four years, with rewards calculated according to their percentage holdings on the staking pools and the APY.
Moreover, the ongoing presale has recorded remarkable success, raising over $691,000 of its 2$2.9 million hard cap within a few days of launch. Given the speed at which the presale progresses, SONIK could sell out in a few days, meaning investors have a short window to secure a slot.
Amid the bearish crypto market condition, meme coins have shown remarkable resilience, often creating a fresh path with massive surges. A suitable example is PEPE, a cash that bagged a figure price increase within a few days of launch, giving early investors huge returns.
PEPE isn’t the only meme token to observe such a trend; Shiba Inu, DogeCoin, and others did, too. Therefore, if Sonik follows the footprints of its meme ancestors, its early investors could be smiling home with considerable gains in the coming weeks.
Currently, SONIK trades at $0.000014. Prospective investors should visit the presale website to buy the tokens using USDT or ETH.
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