As of press time, the NEO/USDT market has recorded a 6.57% price increase. Consequently, this places the token in the second spot on the daily top crypto gainer list. Although the market remains generally subdued, let’s examine how it may develop moving forward.
NEO Statistics
Current Price: $5.09
Market Capitalization: $359.49M
Circulating Supply: 70.53M NEO
Total Supply: 100M NEO
CoinMarketCap Rank: 111
Key Price Levels
Resistance: $5.500, $6.000, $7.000
Support: $5.000, $4.000, $3.000
NEO/USDT May Trend Lower
Despite the recent price growth, the NEO token still appears to be under pressure. Currently, the price lies significantly below all the Moving Average (MA) lines.
Additionally, price action continues to move toward lower levels along a downward-sloping trendline on the chart. The latest price candle is more prominent compared to those seen in recent sessions. However, its position well below the MA lines suggests that bearish sentiment continues to dominate the market.
NEO Has a Promising Short-Term Outlook
On the 4-hour NEO/USDT chart, price action has risen above some key technical levels. This could lead to continued upside retracement if more traders enter the market. Although the latest price candle is red, it remains well above the 20- and 50-day MA lines.
A closer look at these moving averages indicates that they are beginning to converge. If this convergence materializes, it could support stronger upward momentum. Therefore, traders may consider aiming for the $5.50 price level for potential short-term gains.
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