Neo Price Forecast: Bullish Trend toward $250

Neo Price Uptrend

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.

Key Points

  • 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.

Neo Price Forecast Chart

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!!!

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Stay updated with latest news on finance, taxation reforms, stocks, currencies, trading, global markets and many more.

Are you finding it difficult to manage your personal finance? Know your best opportunities of investments and savings with expert analysis and latest updates.

Copyright © 2016 Finance Minutes

You agree to not make actual stock trades based on comments on the site, nor on any techniques presented nor discussed in this site or any other form of information presentation. Finance Minutes will not be held liable for any losses you in occur while trading. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. All information is for educational and informational use only. You agree to consult with a registered investment advisor, prior to making any trading decision of any kind.

To Top