NEO Price Analysis: Is NEO Going to Zero?
NEO price has experienced a -4% dip following rejection from a significant resistance level, triggering concerns among NEO investors. The price had previously rallied strongly after the announcement that the NEO network would be delivering censorship-resistant sidechains. This move was particularly important for NEO’s GAS token, which is used for transaction fee settlement and to power the new NEO sidechains. The price of GAS has surged more than +290% over the past month, resulting in significant gains for the NEO token. However, the recent failed resistance testing has caused NEO price, along with GAS, to undergo a retracement move, cooling down from the previous upward momentum.
NEO Price Retracement
Despite the -4% dip, NEO is currently trading at a market price of $12.25, representing a 24-hour change of -12.39%. The rejection from upper trendline resistance at $15.50 and $15.20 has led to NEO establishing a consolidation zone between $11.20 and $12.20. The 5-day lower support offers a supply zone for further upside moves, which is currently holding. The RSI indicator is cooling down from an overbought period, poised to prime price action for another push upward. The MACD supports this view, displaying bullish divergence and sustained momentum. All indications point to NEO stabilizing at a healthy higher level, setting the stage for potential further upside.
NEO Price Retracement Alternative
In the midst of NEO’s price retracement, it’s important to keep an eye on other opportunities in the crypto market, such as the latest Bitcoin Cloud Mining presale event. Bitcoin Minetrix, an innovative stake-to-mine platform, has raised over $3.9 million in its presale, providing users with an enticing 1224% Staking APY and a unique opportunity to invest in cloud-based Bitcoin mining.
While NEO may be experiencing a retracement, it is far from going to zero. The current consolidation zone and technical indicators suggest that NEO is poised for another rally leg, with potential upside targets in the near future. Additionally, the opportunity presented by Bitcoin Minetrix’s presale further exemplifies the dynamic nature of the cryptocurrency market.
Disclaimer: Crypto investments are high-risk. This article is for informational purposes and does not constitute investment advice. An investment in cryptocurrencies carries a potential risk of losing all capital.