Neo Price Slumps From Recent High: Can it Recover Before Weekend?

• 1 The Neo crypto price is up over 3% in Intraday and was $12.80 (press time).
• 2 The technical indicators imply volatility and a mixed outlook in the short term.

Neo blockchain is a platform for creating and running decentralized applications (dApps). It is powered by “NEO” which is the native token. Users who stake NEO can vote on the network upgrades and earn GAS.

It has a fixed supply of 100 Million and it can not be divided. Whereas, GAS can be divided up to eight decimal places. Moreover, it has contracts called Neo contracts which can be written into various programming language like C# and Java. It makes it easier for developers to use their skills and tools.

Neo contracts enables dApps to replicate real world products and services on the Neo blockchain.

Neo Crypto Price Technical Analysis

The technical outlook of Neo crypto in the short term demonstrates volatility over the chart. The price fell over 12% in yesterday’s session due to which the price has fallen below the 50-day EMA.

Moreover, at the time of writing, the crypto price was recovering and is up over 3% intraday. Furthermore, the long term trend is still positive which may attract the buyers at the dips.

Currently, the short term trend outlook is neutral to bearish due to which the price may retrace the support level at $10.5. Also, if the price breaks above the supply zone at $15, it may signify a bullish outlook. The price may thereafter resume with the long term trend.

The technical indicators imply a mixed outlook about the price trend. The price fell below the 50-day and 20-day EMAs suggesting weakness in the short term. However, The NEO crypto still hovers above the 200-day EMA suggesting a positive trend in the long term.

At the time of writing, the RSI indicator was at 46.26 points whereas the SMA line was at 56.82. RSI has fallen below the mean line indicating a neutral outlook in the short term.

Neo Price Prediction January 2024

Source: NEO/USD by TradingView

The short term price prediction for Neo token implies a bearish to neutral outlook for January 2024. The analysts have a wide range of price targets lying between $14.89 on the positive side to $10.48 on the negative side.

Neo Price Prediction 2024

The long term trend suggests a bullish outlook due to which the NEO coin may show gains. The most optimistic forecast of the analysts hopes that the NEO crypto may advance to a high of $22.24 by 2024 end. Whereas, the pessimistic outlook suggests the crypto may rise to $17.58.

Neo Price Prediction 2025

By next year, the NEO crypto may continue to climb higher. The price may therefore advance to a high of $29.211 suggesting an upside potential of 128.49%. The pessimistic view of analysts expect the price to reach a high of $22.36.

Neo Price Prediction 2026

According to the most optimistic analysts’ projections, the NEO price could reach as high as $37.68 over the next two years. The minimum price projection made by the analysts by 2026 end is $27.69.

Neo Crypto Price Prediction 2027

The price analysis for the year 2027 shows that the NEO cryptocurrency may achieve $44.78 as the highest price. The bearish view of the analysts expects the price to reach a low of $35.67 by 2026.

Neo Crypto Price Prediction 2028

The most bullish analysts foresee a potential price of $53.88 by the year 2028. A minimum price target that the NEO crypto may achieve by 2027 is $41.19.

Neo Crypto Price Prediction 2029

The price forecast of the Neo crypto shows that it may reach a high of $66.31 by 2029 if the most optimistic condition prevails. By 2029, the analysts’ lowest forecast for Neo is $49.20.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

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