2024

Momentum

<ul class="list-ic vertical">
 <li>1 <a>NEO price has breached the downward trendline mark and stays near the 100-day EMA mark.</a></li>
 <li>2 <a>This week, the token price depicts range-bound price movements.</a></li>
</ul>
The NEO price stayed near the 100-day EMA mark and slipped below the lower trendline, supporting the $17 mark.&nbsp;
The token traded in a downtrend for weeks, revealing a follow-on selloff. Sellers are eyeing to breach the 200-day EMA mark and looking for a significant fall ahead.
A break and close above the $17 mark would validate the possible up move and might stretch the gains ahead.&nbsp;
At press time, the NEO token price traded at $15.36&nbsp; with an intraday gain of 1.01%, reflecting neutrality on the charts. It has a monthly return ratio of -15.30% and 55.30% yearly.
The pair of NEO/BTC is at 0.000221 BTC, and the market cap is $1.08 Billion. Analysts are neutral and suggest that the <a href="https://www.thecoinrepublic.com/2022/02/21/neo-token-coin-analysis-neo-token-price-is-facing-rejection-at-supply-zone-what-next/" target="_blank" rel="noopener noreferrer nofollow">NEO token</a> price may replicate a volatile trend and will retest the $10 mark ahead.
<h2 class="wp-block-heading" id="strong-neo-price-action-and-projections-strong">NEO Price Action and Projections</h2>
The daily charts of the NEO token reveal a head and shoulders pattern and demonstrate seller dominance on the charts.&nbsp;
The token has revealed a consistent down move, dropping over 20% last month. Meanwhile, the token reached the 200-day EMA mark, which is the make-or-break zone for the bulls. <iframe loading="lazy" title="Santiment Chart: Price (NEO), Volume (NEO)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=uniswap&amp;pt=UNI&amp;df=2023-11-24T18%3A29%3A59.294Z&amp;dt=2024-05-24T18%3A29%3A59.294Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bneo%3BNEO%5D%3B%5B1%3Bvolume_usd%3Bneo%3BNEO%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
Source: Santiment
The token depicts a drop in the trading volume over 49.28% to $40.09 million and has a total supply of 100 million. However, the token has a volume-to-market cap ratio of 0.0369.
The Momentum indicator (RSI) curve reveals a negative divergence and hovers near the midline region.&nbsp;
Moreover, the MACD indicator showed red bars on the histogram, revealing a bearish crossover on the charts.
<h3 class="wp-block-heading" id="strong-price-volatility-and-weighted-sentiment-data-remained-flat-strong">Price Volatility and Weighted Sentiment Data Remained Flat</h3>
Amidst the notable price spike of over 1.20%, the price volatility remained flat and signifies low selloff volume. <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (NEO), Weighted sentiment (Total) (NEO)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=uniswap&amp;pt=UNI&amp;df=2023-11-24T18%3A29%3A59.294Z&amp;dt=2024-05-24T18%3A29%3A59.294Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_volatility_1d%3Bneo%3BNEO%5D%3B%5B1%3Bsentiment_volume_consumed_total%3Bneo%3BNEO%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
Source: Santiment
The Weighted sentiment data articulates flat moves, noting around -0.27, revealing a negative outlook.
<h4 class="wp-block-heading">Futures OI Data Outlook</h4>
This week, amidst the decent price up move, the derivative data signifies fresh long additions and displays long buildup activity.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="242" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-331-1024x242.png" alt="NEO" class="wp-image-206970" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-331-1024x242.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-331-300x71.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-331-768x181.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-331-750x177.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-331-1140x269.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-331.png 1393w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
Source: coinglass
The Open interest spiked over 6.23% to $27.90 million in the last 24 hrs, revealing the possible up move in the upcoming sessions.
Analysts guided a possible buying opportunity, as the token trades inside a falling wedge pattern and might attain buying momentum ahead.
<center>
 <blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/NEO?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#NEO</a> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4b0.png" alt="💰" class="wp-smiley" style="height: 1em; max-height: 1em;"> Explore potential buying opportunities as <a href="https://twitter.com/hashtag/NEO?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#NEO</a> trades within a falling wedge pattern! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3af.png" alt="🎯" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Altcoins</a> <a href="https://t.co/8hqSwOc7Hz" rel="noopener noreferrer nofollow">pic.twitter.com/8hqSwOc7Hz</a>— CryptoKeep (@CryptoKeep100) <a href="https://twitter.com/CryptoKeep100/status/1794252317442621500?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 25, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
Source: Twitter
<h3 class="wp-block-heading" id="strong-conclusion-strong">Conclusion</h3>
The NEO token price hovers near the 200-day EMA mark and might showcase up move ahead. If the token succeeds in holding the $15 mark, it may rebound back to the upside zone of $20 soon.

NEO Price at Make or Break Zone: Could It Retain $20 Mark Ahead?

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