DeFi is becoming popular, and science-backed cryptocurrencies are leading the blockchain world. Neo stands out with its unique features. The NEO token has been making strides in the crypto sphere, attracting the attention of investors and traders. The token surged 39.4% in January, nearly hitting $10.
NEO Price Analysis & Pattern
The value of all digital currencies added up to more than $970 billion at the beginning of the year. Among them, NEO was worth $529.7 million and went up by 3.24% that day. Sadly, the drop of FTX caused serious harm to those who bought it and hit its lowest point in a year at $5.94 on December 30, 2022. But the good news is that the crypto market is bouncing back after the recent dip.
Source: NEO/USDT by Tradingview
Basically, the stock price of NEO has been going up and seems to be supported around $5.9 to $6.0. There’s a chance it might hit resistance at $9.0, but if it can break through that, it could go all the way up to $10. Looking at the chart, it looks like the stock might be starting to go up again soon because it’s forming a pattern that often leads to a price increase.
Since we broke up 4180, I have to discard the bullish triangle and revert back to the only two initial scenarios.
If we don’t get any violent dump by mid-Feb and break down 3900 with a daily close, I will join the bull team 🙂https://t.co/xR3vDt2d2y pic.twitter.com/QQlaaYRQ8d
— Neo (@NeoWave_crypto) February 3, 2023
NEO Technical Indicator Analysis
At the time of this writing, the value of Neo is $8.92. In the past 24 hours, NEO has fluctuated by 1.28%, with a trading volume of $32,545,795. Among all cryptocurrencies, Neo is ranked 75th with a market capitalization of $576,764,570.
NEO/USD is moving within a channel and above the 50-day and 200-day moving averages, indicating a bullish trend in the market. The market price is moving towards the upper boundary of the track as the trading volume is signalling a reverse direction.
According to the daily chart, the NEO price broke out of the consolidation stage, trading above the 50-day moving average. Further confirmation is made when the price breaks above the 200-day moving average.
The Relative Strength Index (RSI) trades above 50 at 69.92. The NEO price has reached the resistance level of $9.18, indicating a change in reversal. The resistance level has also formed the double top pattern. The double full pattern shows a change in the trend of price.
Should the price break above the resistance level, the bullish trend will inevitably be $12.21.
NEO Price Prediction
Based on the technical analysis above, the price of NEO is on an upward trend and might surpass the current resistance level. We forecast a short-term bullish move for NEO to reach $12.21. Additionally, the Q1 of 2023 might be profitable for investors before the price falls. The Bitcoin bull rally also influences the NEO surge in price.
Meta Master Guild Alternative For NEO
The MEMAG token has already raised over $2.63 million and has seen more than half of its available supply claimed. The Meta Master Guild presale is in its fifth stage, and at the moment, investors can purchase MEMAG tokens for $0.019.
However, this price point will increase to $0.021 in the next stage, so investors have less than six days to take advantage of this opportunity. The Meta Master Guild is working on launching three games soon, including Meta Kart Racers, Raid NFT, and Meta Masters World. Meta Kart Racers is the most advanced in its development, with a projected release date of late 2023.
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