Neo Worth Resumes Uptrend After a Leap–Will It Stay Going?

February 27, 2023

NEO has change into more and more standard after Hong Kong declared its aim to legalize crypto final week. This transfer is being seen by means of the general public as a imaginable step in opposition to bringing cryptocurrency into China, the place NEO was once firstly created. Will NEO’s worth stay its upward momentum or is a stall in retailer for the crypto?

Consistent with experiences, Hong Kong will formally legalize crypto purchasing, promoting, and buying and selling for its citizens in June of this yr. 📜

With different tasks out, it’s an excessively encouraging message to Hong Kong’s #crypto business. 💪https://t.co/wcfQd4pfur

— OKX (@okx) February 21, 2023

Following the NEO worth once a year prime of $15.80 on February 21, the cryptocurrency retraced to the Fibonacci 0.618 stage at $11.04 and effectively bounced. After the day past’s 9.40% acquire and shutting at $12.45, NEO has endured to handle its bullish momentum. Lately buying and selling at $13.63, the cryptocurrency is now surroundings its points of interest on breaking out from the Fibonacci 0.236 stage at $13.98.

NEO Worth Prediction and Technical Research: A Take a look at NEO’s Worth Motion and Technical Signs

The 20-day, 50-day, and 100-day Exponential Shifting Averages (EMAs) stand at $11.02, $9.52, and $8.73. With the present worth buying and selling above the numerous EMA ranges, NEO is appearing robust bullishness within the quick to long-term time frame. The Relative Energy Index (RSI) is at 64.20, which isn’t within the overbought zone however signifies a relatively bullish sentiment for NEO’s worth, with room for a transfer additional to the upside.

Taking a look on the Shifting Reasonable Convergence Divergence (MACD) indicator, the histogram has dropped relatively from 0.14 to 0.13. Whilst it isn’t an important lower, it signifies that the bullish momentum could be slowing down.

The present quantity is at 1.461M, not up to the day gone by’s quantity of one.675M, and the amount transferring moderate is at 1.717M. The lower in quantity means that buyers are taking a wait-and-see manner.

According to the above technical signs, the speedy resistance stage is at Fib 0.236 in confluence with a NEO worth of $14. The speedy attainable fortify stage is at Fib 0.5 in confluence with horizontal fortify at $12.03 to $12.24.

General, NEO’s worth is appearing indicators of bullish momentum within the quick and medium-term. On the other hand, the relatively bearish MACD histogram and decrease buying and selling quantity counsel some warning is suggested within the close to time period. Buyers will have to take note of the speedy resistance and fortify ranges to make knowledgeable buying and selling selections. You’ll want to watch for a transparent breakout above the resistance or breakdown beneath the fortify stage earlier than coming into a business.

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