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NEO has develop into more and more fashionable after Hong Kong declared its intention to legalize crypto final week. This transfer is being considered by the general public as a doable step in direction of bringing cryptocurrency into China, the place NEO was initially created. Will NEO’s value preserve its upward momentum or is a stall in retailer for the crypto?
In response to stories, Hong Kong will formally legalize crypto shopping for, promoting, and buying and selling for its residents in June of this 12 months. 📜
With different initiatives out, it’s a really encouraging message to Hong Kong’s #crypto business. 💪https://t.co/wcfQd4pfur
— OKX (@okx) February 21, 2023
Following the NEO value yearly excessive of $15.80 on February 21, the cryptocurrency retraced to the Fibonacci 0.618 stage at $11.04 and efficiently bounced. After yesterday’s 9.40% achieve and shutting at $12.45, NEO has continued to take care of its bullish momentum. Presently buying and selling at $13.63, the cryptocurrency is now setting its sights on breaking out from the Fibonacci 0.236 stage at $13.98.
NEO Value Prediction and Technical Evaluation: A Have a look at NEO’s Value Motion and Technical Indicators
The 20-day, 50-day, and 100-day Exponential Shifting Averages (EMAs) stand at $11.02, $9.52, and $8.73. With the present value buying and selling above the numerous EMA ranges, NEO is displaying sturdy bullishness within the brief to long-term timeframe. The Relative Energy Index (RSI) is at 64.20, which isn’t within the overbought zone however signifies a barely bullish sentiment for NEO’s value, with room for a transfer additional to the upside.
Wanting on the Shifting Common Convergence Divergence (MACD) indicator, the histogram has dropped barely from 0.14 to 0.13. Whereas it isn’t a major lower, it signifies that the bullish momentum could be slowing down.
The present quantity is at 1.461M, decrease than the day gone by’s quantity of 1.675M, and the amount transferring common is at 1.717M. The lower in quantity means that merchants are taking a wait-and-see strategy.
Based mostly on the above technical indicators, the rapid resistance stage is at Fib 0.236 in confluence with a NEO value of $14. The rapid potential assist stage is at Fib 0.5 in confluence with horizontal assist at $12.03 to $12.24.
Total, NEO’s value is displaying indicators of bullish momentum within the brief and medium-term. Nonetheless, the marginally bearish MACD histogram and decrease buying and selling quantity recommend some warning is suggested within the close to time period. Merchants ought to take note of the rapid resistance and assist ranges to make knowledgeable buying and selling choices. It’s advisable to attend for a transparent breakout above the resistance or breakdown beneath the assist stage earlier than coming into a commerce.
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