NEO Technical Analysis – October 2021
In the last 30 days, the price of NEO has fluctuated, where it initially declined by around 33%. After finding support at $35.5, NEO started increasing again. It increased by 41% in a course of 10 days. After that, the price started slightly declining again.
In the last few days, the price of NEO has declined by 16%. This price movement indicated that the trend might have reversed since the new highs and lows were lower than the previous ones. Nonetheless, the price has shown bullish tendencies recently.
In the intraday chart, NEO declined by 4% initially. However, the price has been on the rise in the last few hours.
The 20-day moving average is currently acting as support and is still below the price, indicating that the trend is still upward and that the price could keep increasing for NEO in the coming days.
Relative Strength Index
The RSI has slightly declined in the last few days, but it is still at around 50, meaning that there is room for both an increase or a decrease in the price. In a 4-hour chart, the RSI is lower, but it has started increasing again.
The MACD line is above the signal line and is heading above the baseline. Even though the lines are now converging, it still indicates that the momentum is bullish. The opposite can be said about the 4-hour chart, where the MACD line is below the signal line and below the baseline, meaning that the shorter-term momentum is bearish.
Fear & Greed
The fear and greed indicator suggests that the current emotion of NEO traders in the market is greed, despite fear being more dominant recently.
The Fibonacci retracement levels suggest that the price of NEO in a 1-hour chart has recently found support at 61.8%. This could see the price of NEO climb up in the coming hours up to the 23.6% extension level.
Price Prediction NEO – October 2021
Based on this technical analysis on Neo (NEO), its price could increase in the coming days and potentially break the projected resistance structures. If that occurs and BTC maintains its bullish nature, then NEO could look to break its highest point of the year. Other things equal, NEO could potentially go up to $150.
Latest News for NEO – Affecting Price
There is no major news regarding NEO recently. Nonetheless, recent market events related to Bitcoin have initiated another potential bullish run in the market. Altcoins such as NEO are largely affected as well.
Also read: NEO Price Prediction 2021 and Beyond