Will NEO Crypto Break Above the Crucial Resistance Levels?

• NEO crypto has witnessed huge long liquidation in the last 24 hours.
• In the last seven days, the trading price of NEO has declined by 13.2%.

NEO is a blockchain platform that enables the development of dApps and smart contracts. It was founded by Da Hongfei and Erik Zhang in 2014 as AntShares and it was later rebranded as NEO in 2017. 

NEO has its own cryptocurrency, NEO, and a utility token, GAS, that are used for various purposes on the network. NEO aims to create a smart economy that integrates digital assets, digital identity, and smart contracts.

The volume/market cap ratio of NEO is 6.86% and the market cap of the crypto is $866.466 Million. Additionally, the trading volume of the crypto is trading flat, resulting in a traded volume of $86.973 Million in the last 24 hours.

The current circulating supply of NEO is 70.538 Million which is 70.54% of the max supply. The max supply of the crypto is 100.0 Million NEO and the fully diluted market cap of the crypto is $1.224 Billion.

As per Coingecko, the market cap ranking of NEO is 81st and the market cap dominance of the crypto is 0.05%. 

NEO Crypto Derivatives Analysis

The long/short ratio of the NEO crypto is 0.8692 and the long liquidation of the crypto is $764.85K. The derivatives trading volume of the NEO token has risen by 44.7% and the open interest has declined by 27.4%. Moreover, the current value of the open interest of the crypto is $22.87 Million. 

NEO Crypto Technical Analysis

The price of NEO is moving in a tight range and is currently at the higher band of the crypto. Moreover, the price is currently witnessing a decline from the current market price. 

If the NEO crypto trading price breaks above the consolidation zone and sustains above the same, we might get to see further increases in the price.

NEO/USD Chart by TradingView

The 50-day and the 200-day EMAs are forming a golden cross while the NEO price has declined below the 50-day EMA. Despite this, the price is trading above the 200-day EMA. Moreover, the price of the crypto has declined below the VWAP which indicates slight weakness.

The RSI on the daily chart of the NEO token has declined below the 50-level after hitting the overbought zones. Moreover, the RSI value has also declined below the 14-day SMA. 

Conclusion 

NEO is a blockchain platform for dApps and smart contracts that has a strong market position and potential. The NEO price is consolidating near a resistance level and could break out soon. The technical indicators are showing signs of recovery and bullish momentum.

Technical Levels

Support Levels: $6.50 and $10.10

Resistance levels: $ 29.70 and $48.50

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.