The recent rejection of NEO price from a significant resistance level has caused panic among NEO bag-holders. After a strong rally fueled by the announcement of censorship resistant sidechains on the NEO network, NEO price and GAS, its associated token, have begun a retracement move. Despite this dip, market sentiment remains bullish, and NEO price could stabilize at a higher level.
Resistance and Retracement
NEO price has faced two rejections from upper trendline resistance at $15.50 and $15.20, with $15 being a historic resistance level. This rejection echoes a similar event in February 2023. However, NEO has established a consolidation zone between $11.20 and $12.20, indicating potential support for further upside moves. The current supply zone appears to be holding, suggesting that NEO price could stabilize and consolidate recent gains.
The Relative Strength Index (RSI) is cooling down from an overbought period, indicating a potential cooldown in price action. The decline of the RSI from a significant high to a more neutral level could prime NEO for another push up. The Moving Average Convergence Divergence (MACD) also supports this view, displaying bullish divergence and sustained momentum. Overall, despite the recent dip, NEO appears healthy and poised for upside potential.
Potential Upside and Downside
With a retracement move back to the supply zone, NEO price could stabilize and push up to $15.20, representing a potential increase of 24.18%. The downside risk is limited by the supply zone at $11.15, a possible decrease of 8.91%. This risk-reward ratio of 2.72 indicates a strong entry point for NEO, with potential upside outweighing the downside.
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While NEO experiences a retracement from resistance levels, it remains in a healthy position for potential gains. The consolidation and stabilization at a higher level indicate further upside potential. Meanwhile, Bitcoin cloud mining presents an alternative opportunity for investors to participate in a transformative journey and tap into the potential of the upcoming Bitcoin halving. As always, caution and careful consideration of risks are crucial when engaging in high-risk asset classes like cryptocurrencies.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Crypto assets are highly volatile, and individuals should conduct their own research before making any investment decisions.