NEO Price Analysis – NEO/USD
The 18th largest cryptocurrency – NEO having its market cap stands at the level of $383,894,094, 05:55 UTC on December 16 has experienced a dip in Current value by 64.87% relative to the level of November 04 as analyzed from the graph above. The major caused for the decline in value are of course the competitive pressure, the bearish moments, and macro factors from around the world which make it the lowest low of the day before exhaustion set in.
As we can analyze from the graph above that both moving averages have significantly down represented a negative sign. While the 20-day EMA shows that the bears have the upper hands as the NEO remains in a bearish trend in its medium-term outlook until the next “uptrend” takes place. As this juncture no bullish patterns that suggest a buy, hence, it is best to remain on the sidelines. While looking at the current circumstances, Traders should wait for the trend to rebound and a bottom to form before executing any long positions in it. The 20-day EMA that the balance is tilted in favor of sellers as interpreted from the graph above. Amid this, the others, who believe in the story of blockchain and cryptocurrencies, the current fall offers an excellent opportunity to invest for the long term.
Now let me walk you through certain milestone that NEO attained in the recent past as it remained bound from August 14 to September 03 this year where it rallied from a low of $15.25 to a high of $25.44 which is a 66.82 percent – an extraordinary return within 20 days.
Let us not forget that if bulls succeed in raising and sustaining the current resistance level (at a time of writing) $6.10 and create “uptrend” in value (i.e. traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $6.12.
NEO is a blockchain platform and cryptocurrency designed to build a scalable network of decentralized applications. The base asset of the NEO blockchain is the non-divisible NEO token which generates GAS tokens that can be used to pay for transaction fees generated by applications on the network.
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