The NEO cryptocurrency has recently astounded the traders. It all started when the NEO coin news and updates showed that an increase is coming and the coin jumped almost to the $16 levels. Now, we can see that NEO corrects lower from the $15.83 high that it found but even in the $14 region, the cryptocurrency is stable.
What many analysts pointed out is that the rest of the month might hit the same. The current selling pressure for NEO might stay for a while and the closing of the week might be dramatic, too.
Yesterday, the NEO coin was trading at $13.94 and in the next 1 hour and 42 minutes, the NEO coin news showed an update as the cryptocurrency hit $14.36. After that, the currency slipped marginally but recovered to $14.75 in the next 5 hours. Following this movement, the NEO price locked at the same level and surged to $15.31 to stay there only for a while after it dropped to $14.84. Then, many reported that NEO corrects and saw that the upsurge was stuck at 6.57% only.
A movement for the NEO project and its token would be good at this point. The price counters moved from $14.84 to $15.77 by 6.24%. After reaching the high, the currency price locked around the same levels for a while. From this high, however, NEO faced steep fall and the price dropped to $14.55 showcasing a huge fall of 8%. As per the analysts from Trade99, the coin might drop in the upcoming hours if the current downward momentum remains intact.
The immediate resistance level for NEO is now at $15.46 and the immediate support level is now at $13.13. The support level could get breached as NEO corrects and all of this support can be lost due to the pressure.
Anyways, NEO is in a good position and only lost 2.92% overnight as a correction from its previous levels. Now, the altcoin news and rumors show that the coin is expected to rise again and go from $14.93 to a price level above $15.
As NEO corrects, many are following the coin with similar movements. In the top 10, the biggest loser is Bitcoin SV (BSV) which managed to shed 4.36% off of its price and stabilize at $351. In the top 20, Ethereum Classic (ETC) is leading the gains with a 5% drop and a new price of $11.74 today.
NEO Analyst Estimate Huge Move For The Cryptocurrency
“This is still my favorite long term setup right now, which is saying a lot. Price broke out of the massive inverse head and shoulders and is testing horizontal resistance. Volume is rising daily, price tends to follow. Flipping 1528 to support should set this on fire,” said Melker.Because of the extended time period that was needed for the development of the inverse head-and-shoulders pattern, Scott Melker says that there is: “no reason to turn bearish on setup this massive.” But a daily candlestick close below the right shoulder at 1,150 staoshis can invalidate the bullish attitude. A glans at the NEO/USD trading pair also presents the potential for a preposterous grow. Grounded on its 1-week chart, this crypto looks like it is forming in an ascending triangle. The development of this technical pattern is a causal consequence of the price movements of NEO. Along with the swing highs, a horizontal line was produced, and also alongside the swing lows, a trendline appeared. While, NEO can still pull back to the hypotenuse before it breaks out, at last, the $17.60 resistance level is representing an important price point to which attention should be focused. Progress above this price barrier can be the cause for a 70% growth that will directly result with the price of $30. Jesse Livermore, a well-known master of day trading, once said:
“Do not anticipate and move without market confirmation. Being a little late in your trade is your insurance that you are right or wrong.”
NEO Live AMA Event Discusses NEO’s Blockchain Capabilities
“Privacy is really important, [though] the underlying infrastructure will remain the same. But, Neo will use tools to implement privacy-protecting protocols (e.g., MimbleWimble, ring signature protocols, etc.)," Song stated.More specifically, in the NEO live AMA event she said that the cryptocurrency project intends to integrate second layer scalability and privacy solutions.
“We want to have tools so that smart contracts can have privacy features; especially so inputs, outputs, and executing the smart contract can be shielded,” she concluded.
NEO Moves In A Bullish Trend, Gaining 12% In A Day
‘’Although we have to delay some planned offline events such as the much anticipated Neo DevCon due to recent travel and visa restrictions, we are already working hard for a more exciting event that will showcase more progress on Neo3 and ecosystem projects.’’The conference was scheduled in late April 2020 and was supposed to happen somewhere in Europe but the travel bans and restrictions introduced by a few countries there forced the team to delay the event. NGD promised to update the community on the new dates when they become known. As it is visible on the 4-hour charts, NEO moves in a bullish territory and the pair bottomed at $7.78 at the end of 2019. Since then, it has been moving within an upside channel so several other lows confirmed that the bullish trend will stay intact as long as the price stays above $12.30. The barrier is formed by SMA100 4-hour and once it gets out of the way, the downside momentum will likely gain traction with a new focus on $11.50 reinforcing with the SMA 200 4-hour. Another sustainable move below this area will worsen the technical picture and will deny all of the bull case scenarios. On the upside, a slight move above the recent high of $14.69 will unlock the bullish potential with a focus on $15.00. As the NEO coin new suggests, the NEO/USD pair will likely get another chance of revisiting the SMA100 weekly and reach a new price of $19.35
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