NEO News

Volatility Directs NEO Towards Upside; May Soon Form Another Higher High

Neo holds a bullish outlook, at least for the short-term. While the currency is known to have a strong grip over a stable sentiment, current market volatility is not allowing the altcoin to move steadily in an upward direction constantly. As shown in the chart, the corrections are coming across as hurdles against NEO’s rally. The price has not traded above $11 since May 10.

In the previous week, founder of Neo, Da Hongfei revealed about governance, ecosystem growth, and interoperability regarding NEO3. At Consensus Distributed 2020, he stated,

Da Hongfei Stated

Neo Price Analysis

The NEO coin is currently recovering from its recent price plunge. The last weekend saw a few bears coming in the price trend. The currency has started this week on a bullish note.

NEO Price News
NEO/USD Chart By TradingView

A few days ago, NEO tested support level at $9.8. with moderate improvement, the price has climbed above $10. Here the coin has noted an increase of more than 6%. According to the chart, Technicals are largely in the bullish zone except for the MACD indicator. The moving averages are forming bullish crossover while the Neo price is already above the 200-day EMA line. 

NEO News Price

Before the price took a dip below $10, the coin had traced a couple of higher highs at $10.43 and $10.50.  A similar kind of price pattern is taking place right now.  If the bullish scenario continues, then another higher high can be anticipated. Lately, the pullbacks have ushered the NEO price below the 38.20% fib level.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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