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CryptocurrencyPrice Analysis

NEO Price Analysis: Traders are Upset as there is no Sign of Price Recovery

The NEO cryptocurrency came into existence in 2016 but its underlying project started in 2014 based in China. The platform of NEO is striving to make the community of smart economy by utilizing the public ledger technology called blockchain. The platform is innovating rapidly and already has made partnerships with some leading firms such as Coindash, Agrello, and Bancor for the betterment of the project.

Neo News and Events

The meetup of NEO is going to take place today:

Da Hongfei unveils NEO’s next development journey at a meetup in Berlin from 6:30 – 9:00 PM.

The twitter account of NEO has announced its partnership with VibeHubVR:

In partnership with @VibeHubVR , looking forward to advancing next gen gaming with cross chain communication!

Statistics of NEO Coin

The 70,538,831 NEO tokens are circulating in the markets of cryptocurrency out of the total 100,000,000 NEO while the maximum supply of tokens is 100,000,000 NEO. The total market cap of the coin is $694,274,624 USD and 64,867 BTC. The 24-hours volume is holding the position at $242,487,196 USD and 22,656 BTC.

Price Value of NEO coin

The current rate of the coin is standing at $9.84 USD and 0.00091959 BTC at the time of writing. The24-hours change in the price value of the token is -2.14%.

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Comparison

When checked the trend line of the token in the period of three months, the trend is making a parabolic movement. The value jumped to the highest level at $19.61 on 26th June from $11.67 and then again dipped to obtain the mark of $10.25 on 17 July with powerful selling pressure in the markets that remain dominated till today obtaining the lowest price tag of $9.84.

Neo Price Prediction

The markets of digital assets are under the shadow of a temporary bearish trend zone from the previous 24-hours. Similarly, the price zone of NEO is also in the negative trend but this bearish trend is continuous from 11th August. The price and data range from 11th August to 15th August indicating the sudden decrease in price and recorded -16.4% decrease in value of the token.

When applied the Fib retracement tool, the yellow zone is the area of current value showing -4.46% plummet when compared to the 13th August value. The respective support levels are $9.726 and $9.613 while the resistance levels are hedging at $10.266, $10.379 and $10.592.The bearish trend will remain to continue and price may drop to 2.011 USD.

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Conclusion

NEO is in the control of sellers that driving it into the well of the downtrend. According to our technical analysis, the price may decrease further.

What is your prediction about the price of NEO? Let us know in the comment section.


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Davis Byrne (US)

Davis Byrne got into the cryptocurrency world in 2013. He contributes technical chart-based price updates and price analysis on the world's leading digital currencies.

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