Neo price forecast remains bullish as NEO/USD made a solid upside move toward $200.00. It seems like the price could accelerate further toward $250-300 in the near term.
The past few days were excellent for Neo since it moved above the $150 and $180 level. While most other cryptocurrencies such bitcoin, litecoin, Ripple and Ethereum’s ether were seen struggling, the price of neo gained a lot traction.
- Neo price is trading with a lot of positive bias above the $150.00 level against the US dollar.
- There is a monster bullish trend line forming with support at $120.00 on the 4-hours chart of the NEO/USD pair.
- The pair is placed nicely for more gains and it is very likely to settle above $200.00 in the near term.
Neo Price Analysis and Chart
It was a great past few days for neo buyers as the price rocketed above the $100.00 and $150.00 level. The upside move was strong and the price traded close to the $200.00 level.
It recently formed a new all-time high at $198.36 (data feed via Bitfinex). At the moment, the price is correcting lower and it has moved below the 23.6% Fibonacci retracement level of the last wave from the $103.00 low to $198.36 high.
However, there are many supports on the downside around the $150.00 and $120.00 levels.
NEO/USD Forecast – $250 and $300
Looking at the 2-hours chart of NEO/USD, there is monster bullish trend line forming with support at $120.00. Above the mentioned trend line, there is also a connecting bullish trend line at $160.00.
The stated $160.00 level coincides with the 38.2% Fibonacci retracement level of the last wave from the $103.00 low to $198.36 high. The price is likely to stay above the $150.00-160.00 support levels.
Should there be a close below $150.00, the price could test the $120.00 support and the second bullish trend line. An intermediate support is around the 61.8% Fibonacci retracement level of the last wave from the $103.00 low to $198.36 high.
On the upside, the price will most likely break the $200.00 resistance level. The next stop in the mentioned scenario is $250.00. If Neo buyers stay in control, there is even a possibility of $300.00 during the coming months.
However, buyers should keep a close eye on the $120.00 support. A close below $120.00 would negate the current bullish bias.
As per coinmarketcap, the current market cap of Neo is $10,584,600,000 with the price as $162.84. It is currently ranked 7th in the terms of the market cap.
Trade safe traders and enjoy the ride!!!