NEO price has dipped -4% following rejection from a significant resistance level, leaving some panicked NEO bag-holders asking ‘Is NEO Going to Zero’?
Over the past few weeks, NEO price had rallied incredibly hard following an announcement that the NEO network will be delivering censorship resistant sidechains.
The move was significant in delivering utility for NEO’s GAS token – which acts a means of settlement for transaction fees – and will be used to power the new NEO sidechains.
An eruption of GAS price, which has shot-up more than +290% over the past month, has fuelled significant gains for NEO token – which generates GAS when staked.
But now following failed resistance testing, NEO price alongside GAS appears to be undertaking a retracement move, as price action cools down from the explosive upside movement.
Wish you all a MERRY XMAS already. $NEO pic.twitter.com/ztyNvaPHle
— Crypto Bob (@RealCryptoBob) November 12, 2023
Although market sentiment remains incredibly bullish for the leading Chinese layer-1 solution, with a healthy shift down likely to poise NEO price for another rally leg.
NEO Price Analysis: As NEO Retraces From Sidechain Pump, is NEO Going to Zero?
As NEO price undertakes a minor dip, NEO is currently trading at a market price of $12.25 (representing a 24-hour change of -12.39%).
This comes following two pronged rejection from upper trendline resistance at $15.50 on November 5, and later at $15.20 on November 10.
$15 denotes a historic resistance level that will be well-known to NEO bag-holders after it triggered a similar rejection on February 22.
However, it also appears that NEO is establishing a consolidation zone between $11.20 and $12.20, with 5-days of lower support offering a supply zone for further upside moves.
Currently this supply zone appears to be holding, suggesting that NEO price could stabilize at this healthy higher level – cementing recent rally gains.
This view is backed by a decline on the RSI, which is cooling down from a significant overbought period, with the key indicator sat at 62.97.
Consolidation here could be sufficient to cool down the indicator to a more neutral 55, which would prime price action to push up once more.
The MACD supports this view, with a continuous display of bullish divergence at 0.05, highlighting the sustained momentum.
Overall, despite the -4% dip, NEO looks healthy here, with a much needed retracement move finding support at the supply zone, whilst cooling down an overheated RSI.
This could leave NEO poised to push up to an upside target at $15.20 (a potential +24.18%).
While downsize risk here appears limited by the supply zone at $11.15 (a possible -8.91%).
NEO therefore carries a risk: reward ratio of 2.72, a strong entry, characterised by poised upside risk, with NEO certainly not going to zero anytime soon.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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