NEO has change into more and more standard after Hong Kong declared its intention to legalize crypto final week. This transfer is being seen by the general public as a potential step in the direction of bringing cryptocurrency into China, the place NEO was initially created. Will NEO’s value maintain its upward momentum or is a stall in retailer for the crypto?

In line with stories, Hong Kong will formally legalize crypto shopping for, promoting, and buying and selling for its residents in June of this yr. 📜

With different initiatives out, it’s a really encouraging message to Hong Kong’s #crypto trade. 💪https://t.co/wcfQd4pfur

— OKX (@okx) February 21, 2023

Following the NEO value yearly excessive of $15.80 on February 21, the cryptocurrency retraced to the Fibonacci 0.618 degree at $11.04 and efficiently bounced. After yesterday’s 9.40% acquire and shutting at $12.45, NEO has continued to keep up its bullish momentum. Presently buying and selling at $13.63, the cryptocurrency is now setting its sights on breaking out from the Fibonacci 0.236 degree at $13.98.

NEO Value Prediction and Technical Evaluation: A Take a look at NEO’s Value Motion and Technical Indicators

The 20-day, 50-day, and 100-day Exponential Transferring Averages (EMAs) stand at $11.02, $9.52, and $8.73. With the present value buying and selling above the numerous EMA ranges, NEO is displaying sturdy bullishness within the brief to long-term timeframe. The Relative Power Index (RSI) is at 64.20, which isn’t within the overbought zone however signifies a barely bullish sentiment for NEO’s value, with room for a transfer additional to the upside.

Trying on the Transferring Common Convergence Divergence (MACD) indicator, the histogram has dropped barely from 0.14 to 0.13. Whereas it isn’t a big lower, it signifies that the bullish momentum could be slowing down.

The present quantity is at 1.461M, decrease than the day prior to this’s quantity of 1.675M, and the amount transferring common is at 1.717M. The lower in quantity means that merchants are taking a wait-and-see method.

Based mostly on the above technical indicators, the fast resistance degree is at Fib 0.236 in confluence with a NEO value of $14. The fast potential assist degree is at Fib 0.5 in confluence with horizontal assist at $12.03 to $12.24.

General, NEO’s value is displaying indicators of bullish momentum within the brief and medium-term. Nevertheless, the marginally bearish MACD histogram and decrease buying and selling quantity recommend some warning is suggested within the close to time period. Merchants ought to take note of the fast resistance and assist ranges to make knowledgeable buying and selling selections. It’s advisable to attend for a transparent breakout above the resistance or breakdown beneath the assist degree earlier than getting into a commerce.

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