Neo Price is at 52-week High; Will It Continue the Bullish Trend?

• The Neo token price surged by 45% in February.
• The RSI is at 75 and heading for the overbought zone, indicating a bullish trend.
• Neo token’s trending volume has dropped by 50% in the last 24 hours.

According to the technical chart, the Neo (NEO) price faced resistance from the $15 hurdle and recorded a 52-week high of $15.69 on February 29, 2024. Since the beginning of 2023, the Neo crypto price has struggled to surpass the $15 mark, but sellers are strong. 

Since November, the NEO token price has been struggling between $10 and $15, and currently, it has approached the resistance level of $15. The price jumped by 18% last week, which showcases the buying momentum.

The current market price of Neo is $14.74, with an intraday gain of 3.44%. The market capitalization of Neo crypto is $1.03 billion, which has increased by 5.05% in the last 24 hours. The 24-hour trading volume is $131.32 million.

The Neo token price trades over the significant moving average, showing bullish dominance. RSI is at 75 and favors the buying momentum. 

The NEO Price Technical Analysis on a Daily Timeframe

The Neo token price has been in a bullish trend on a daily time frame and has surged by 39% in a month. The price has just surpassed the $15 mark, and buyers seem strong. The price has not approached the $16 mark for the last year, which shows the seller’s grip.

If the NEO price surpasses the $15 mark and sustains the $16 level, buyers may easily lift the price to the resistance level of $20. However, if the price approaches the $20 hurdle, consolidates for a few weeks, and gives a bullish breakout, this breakout can be considered a genuine breakout. 

On the other hand, if the Neo crypto price faces resistance from the $15 mark and falls, then profit booking for the short term can be seen on the technical chart. Further, it may consolidate in the parallel channel for the next few months.

Technical Analysis of the NEO Price on a 4-H Timeframe

In a 4-H time frame, the NEO coin price has been in a solid bullish trend and reached a 52-week high. The price has recently triggered a pullback and jumped by 9.74% in a few hours.

If the buyers manage to sustain the $16 mark and the chart structure attracts the buyers, then the bullish trend may continue. Alternatively, if the price fails to sustain the 52-week high, investors may prefer to book profit, resulting in a selling pressure.

Conclusion

Based on the technical analysis of the NEO price, it appears that the cryptocurrency is currently in a strong bullish trend. The NEO token price has surpassed the $15 mark and recorded a 52-week high. However, profit booking is possible in the short term if the price faces resistance from the $15 mark. If the price sustains the $16 level, buyers may easily lift the price to the resistance level of $20. 

Technical Levels

Resistance: $20.00 & $16.00

Support: $12.25 & $10.00

Disclaimer

This article is for informational purposes only and provides no 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.