NEO Price Analysis: Will NEO/USD Supports Hold To Return Gaining?
NEO price has dropped below the $30.00 level a couple times the last days. Now NEO/USD is returning slowly but steady upwards with hope that supports will act on their purpose.
NEO Price Oct 11 Analysis – Prediction
The end of September and beginning of October marked a very positive turn for the NEO token holders as the price broke out of the declining trend since its record all-time high that lead to a low of $13.65. On Sep 26, the pair successfully closed above the bearish trend at $20.40 that signaled bulls to wake up and return on the market.
The particular return and recovery phase led the price to a high that was formed above $38.00 but met sellers that tanked the development from retesting the major $40.00 any time soon. On Oct 8, the trend line that was acting as a support approx at $32.08 was cleared downward and the value dropped below to a low of $26.93. Remember that support because in the near term it will play a key point for more value increase.
After finding support below the $27.00 level, the pair NEO/USD has been on an ‘increasing range bound‘ below the previously acting support at the $32.00 – which now is a very important resistance [red market line.]
As long as the price is in the middle of the two ‘border lines’ it is not recommended to put any trade on the cryptocurrency. Wait for a break below the $30.00 level for any buying opportunity, or if it breaks above the $32.50 – $34.00 and lastly which will lead to $36.40.
Right now the price is trading at $30.80 with 3.59% increase in the last 24-hours. Market capitalization is growing and returning everyday at $1.5 billion with Bittrex and Binance leading on trading volume – around $16 million.
On the longer term – any project or development that is based on the NEO blockchain platform will be pushing upwards the price and community confidence. The second NEO ICO will be released in a very short time that will be a P2P trading dApp built by Aphelion.
“Several projects make the claim of being a P2P Decentralized Exchange (DEX). However there are very few built as dApps, completely within a blockchain. Some are centralized client to server operations that rely on an organization’s hardware and proprietary software and others are simply a protocol that requires integration into existing centralized exchanges to function properly. Aphelion aims to be one of the pioneers of DEX residing completely within the blockchain as a dApp, requiring only an open source user interface to access data and control smart contracts to trade digital assets.”