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NEO, a well known cryptocurrency, has been on a bullish run in recent years, with its value appreciating via 34% previously month. This spectacular surge in price has sparked questions amongst buyers and crypto fans in regards to the sustainability of this bullish pattern. 100X is an opportunity for NEO in 2023?

NEO Elementary Research and Statistics

The cost of NEO hit its all-time prime of $198 in January 2018. Then again, the marketplace value of NEO has since been on a downward pattern throughout the fourth quarter of 2022. Then again, a worth exchange has graced the NEO token, which started surging neatly firstly of 2023. NEO has favored via 34% previously month and into the start of February.

Neo price chart

On the time of writing, the value of NEO is $9.23, with a 24-hour buying and selling quantity of $239,910,999. This represents a expansion of 0.43108074795162726% within the remaining 24 hours and a surge of three.730841097266623% previously 7 days. With a circulating provide of 71 million NEO, the marketplace capitalization of this cryptocurrency is valued at $655,696,957.

In 2022, regardless of the endure marketplace, Neo effectively navigated the difficult prerequisites and made vital development in laying the groundwork for the long run of Web3. Smartly, this time, there may well be one thing nice in retailer for NEO lovers. Moreover, the sentiment some of the NEO (NEO) group is bullish, with greater than 81% of customers feeling constructive in regards to the cryptocurrency. 

NEO Technical Indicator Research: The Sure Bullish Pattern

The Neo value in opposition to Bitcoin is recently displaying bullish developments, retaining its place above each the 50-day and 200-day shifting averages. It is a sure signal for the marketplace, because it signifies that the fee is keeping up its upward trajectory.

The technical indicator Relative Power Index (RSI) could also be appearing promise, as it’s shifting against the overbought area. It is a sure signal for the marketplace, indicating that the present upward pattern can proceed. Within the overbought area, the Relative Power Index indicates intense purchasing drive out there, which might result in additional value will increase.

NEO/USD Day-to-day Chart Research and Prediction

The Neo value at the day by day chart establishes a brand new upward pattern, probably resulting in bullish momentum and a take a look at of the $9.95 resistance degree. The Relative Power Index (14) additionally presentations a good crossover buying and selling above 50 and alongside 70, indicating long run resistance ranges at $11 and $12.0 in the longer term.

Trading view NEO price chart

The present outlook for the Neo value is cautiously constructive. If the fee continues to upward thrust, investors might be expecting to look a continuation of bullish developments within the brief time period. This may point out that the marketplace is experiencing sure investor sentiment and an building up in purchasing drive.

Alternatively, if the fee falls underneath the 50-day shifting reasonable, it will sign a shift in marketplace sentiment and a lower in purchasing drive. On this situation, a bearish pattern might emerge, resulting in a possible downward value motion against long-term fortify ranges of $7.5 and $8.0, respectively. Those ranges have up to now served as sturdy fortify for the Neo value, and a breach of those ranges may lead to additional value decreases.

In accordance with this research, it’s obvious that NEO may well be shifting upper this month. Our prediction for the NEO within the Q1 of 2023 is $13.26.



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