NEO Technical Analysis – September 2021
NEO increased by around 40% in the last 30 days, reaching a price of $67. After that, the price declined by 35%. The current trend is downwards for NEO. However, when looking at the chart in the longer term, NEO is still bullish.
After the recent decline, NEO has been in consolidation in the last few days. The price encountered resistance at $53, and it is now looking to retest that resistance level in the coming days.
In an intraday chart, NEO has been quite volatile. The coming hours might be crucial for the future price of NEO, depending on whether structure levels are strong enough.
The 20-day moving average is now above the price. Because of that, NEO might now be in a downtrend, and this MA line can act as resistance in the coming days.
Relative Strength Index
The RSI is now fairly average and below 50. This means that the momentum is bearish, but it also means that NEO has now a lot of space to grow in the coming days.
The signal line is slightly above the MACD line and the latter is now heading below the baseline. This suggests that the current momentum is bearish and that NEO can keep decreasing in the short run.
Fear & Greed
The fear and greed indicator suggests that the recent price decline was a result of excessive greed for NEO. Currently, fear is the dominating factor for NEO.
The Fibonacci levels from the beginning of the uptrend suggest that NEO is yet to retrace to the 61.8% level. If NEO finds support there in the coming days, then we might see the price rebound upwards again.
For the Fibonacci levels of the short-term downtrend, we can notice that NEO encountered resistance at 38.2%. If it fails to pass that level in the coming days, then NEO might go further down.
Price Prediction NEO – September 2021
Based on this technical analysis, we might see NEO going further down if it fails to pass resistance at $53. If that occurs, then NEO can go to $38 in the coming days. If resistance is broken, then we could as well see NEO surpassing $60.
Latest News for NEO – Affecting Price
In a recent announcement, the NEO Mainnet stated that GAS generation will be stopped at block height 8,000,000. Furthermore, using NFTs, NEO has launched the Neoverse. Fully utilizing the concept of NFTs, NEO can increase its demand from users. NEO can increase if it continues to have the same approach and if BTC keeps increasing.