Neo Price Resumes Uptrend After a Bounce–Will It Keep Going?

NEO has become increasingly popular after Hong Kong declared its intention to legalize crypto last week. This move is being viewed by the public as a possible step towards bringing cryptocurrency into China, where NEO was originally created. Will NEO’s price keep its upward momentum or is a stall in store for the crypto?

According to reports, Hong Kong will officially legalize crypto buying, selling, and trading for its residents in June of this year. 📜

With other initiatives out, it’s a very encouraging message to Hong Kong’s #crypto industry. 💪https://t.co/wcfQd4pfur

— OKX (@okx) February 21, 2023

Following the NEO price yearly high of $15.80 on February 21, the cryptocurrency retraced to the Fibonacci 0.618 level at $11.04 and successfully bounced. After yesterday’s 9.40% gain and closing at $12.45, NEO has continued to maintain its bullish momentum. Currently trading at $13.63, the cryptocurrency is now setting its sights on breaking out from the Fibonacci 0.236 level at $13.98.

NEO Price Prediction and Technical Analysis: A Look at NEO’s Price Action and Technical Indicators

The 20-day, 50-day, and 100-day Exponential Moving Averages (EMAs) stand at $11.02, $9.52, and $8.73. With the current price trading above the significant EMA levels, NEO is showing strong bullishness in the short to long-term timeframe. The Relative Strength Index (RSI) is at 64.20, which is not in the overbought zone but indicates a slightly bullish sentiment for NEO’s price, with room for a move further to the upside.

Looking at the Moving Average Convergence Divergence (MACD) indicator, the histogram has dropped slightly from 0.14 to 0.13. While it is not a significant decrease, it indicates that the bullish momentum might be slowing down.

The current volume is at 1.461M, lower than the previous day’s volume of 1.675M, and the volume moving average is at 1.717M. The decrease in volume suggests that traders are taking a wait-and-see approach.

Based on the above technical indicators, the immediate resistance level is at Fib 0.236 in confluence with a NEO price of $14. The immediate potential support level is at Fib 0.5 in confluence with horizontal support at $12.03 to $12.24.

Overall, NEO’s price is showing signs of bullish momentum in the short and medium-term. However, the slightly bearish MACD histogram and lower trading volume suggest some caution is advised in the near term. Traders should pay attention to the immediate resistance and support levels to make informed trading decisions. It is advisable to wait for a clear breakout above the resistance or breakdown below the support level before entering a trade.

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