Neo Price Plunges After Recent High: Can it Bounce Back Before the Weekend?
- 1 The Neo cryptocurrency has experienced a 3% increase in value during intraday trading, currently standing at $12.80 at press time.
- 2 Technical indicators suggest volatility and a mixed short-term outlook for Neo.
Neo blockchain serves as a platform for the creation and operation of decentralized applications (dApps). Its native token, “NEO,” powers the network and allows users to stake Neo to vote on network upgrades and earn GAS.
With a fixed supply of 100 million, Neo cannot be divided, unlike GAS, which can be divided up to eight decimal places. Neo contracts, written in languages such as C# and Java, make it easier for developers to utilize their skills and tools.
Neo contracts enable dApps to replicate real-world products and services on the Neo blockchain.
Technical Analysis of Neo Crypto Price
In the short term, Neo crypto’s technical outlook reveals volatility on the chart. The price dropped over 12% in yesterday’s session, causing it to fall below the 50-day exponential moving average (EMA).
However, at the time of writing, the crypto price was showing signs of recovery with a 3% increase during intraday trading. Furthermore, the long-term trend remains positive, which may attract buyers during price dips.
Currently, the short-term trend outlook is neutral to bearish, and the price may retrace towards the support level at $10.5. A break above the supply zone at $15 could indicate a bullish outlook, potentially leading to a continuation of the long-term trend.
Technical indicators offer a mixed outlook on the price trend. The price fell below the 50-day and 20-day EMAs, suggesting short-term weakness. However, NEO crypto is still trading above the 200-day EMA, indicating a positive long-term trend.
At the time of writing, the relative strength index (RSI) indicator stood at 46.26 points, while the simple moving average (SMA) line was at 56.82. The RSI falling below the mean line signifies a neutral short-term outlook.
Neo Price Prediction for January 2024
Short-term price predictions for Neo token imply a bearish to neutral outlook for January 2024. Analysts have set a wide range of price targets, varying from $14.89 on the positive side to $10.48 on the negative side.
Neo Price Prediction for 2024
The long-term trend suggests a bullish outlook for NEO coin, indicating potential gains. The most optimistic forecast by analysts predicts that NEO crypto could reach a high of $22.24 by the end of 2024. Conversely, the pessimistic outlook suggests a rise to $17.58.
Neo Price Prediction for 2025
In the coming year, NEO crypto may continue its upward trajectory, reaching a high of $29.211, indicating a potential upside of 128.49%. The pessimistic view anticipates a high of $22.36.
Neo Price Prediction for 2026
According to the most optimistic analysts’ projections, NEO’s price could reach as high as $37.68 in the next two years. The minimum price projection by analysts for the end of 2026 is $27.69.
Neo Crypto Price Prediction for 2027
Price analysis for 2027 suggests that NEO cryptocurrency could reach a peak of $44.78. The bearish view from analysts expects the price to drop to a low of $35.67 by 2026.
Neo Crypto Price Prediction for 2028
The most bullish analysts foresee a potential price of $53.88 by 2028, while the minimum price target for NEO crypto by 2027 is $41.19.
Neo Crypto Price Prediction for 2029
Price forecasts for Neo crypto show that it may reach a high of $66.31 by 2029 under the most optimistic conditions. The lowest forecast by analysts for Neo by 2029 is $49.20.
Disclaimer
The views and opinions expressed by the author, or any individuals mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading in cryptocurrencies or stocks carries a risk of financial loss.