bullish

2024

Reversal

Coin

<p>As Bitcoin (BTC) picked up pace, <a href="https://www.thecoinrepublic.com/price-prediction/neo/">NEO</a> price is holding its own, trying to regain the shine. NEO bottomed out near the $8.50 mark with a double bottom pattern.</p> 
<p>Trading in a consistent downtrend, NEO is sailing below the key moving averages, reflecting significant selling pressure. Since it marked a 52-week high near $24 in April 2024, it is 60% below that mark today.</p> 
<h2 class="wp-block-heading" id="h-neo-price-analysis-will-the-bullish-reversal-triggers"><strong>NEO Price Analysis: Will the Bullish Reversal Triggers?</strong></h2> 
<p>The daily chart shows a consistent selloff and the token meets the lowest region $8 mark last week. It marked a 52-week low at $7.32 and plotted a hammer candlestick.</p> 
<p>Afterward, the token began to accumulate and exhibited a bullish reversal from there. Still the overhead trendline barrier acted as a hurdle and the token struggled to surpass it.</p> 
<p>At press time, NEO was trading at $10.01, noting a rise of over 5.89% in the last 24 hours. With the trading volume surging over 34.21%, investors could be looking for a significant bullish opportunity.</p> 
<p>Near the $12 mark, a bearish crossover was observed as sellers aggressively made short positions. This impacted the token’s price action as a significant price fall was noted.</p> <iframe loading="lazy" title="Santiment Chart: Price (NEO), Volume (NEO)" width="800" height="425" src="https://embed.santiment.net/chart?ps=immutable-x&amp;pt=IMX&amp;df=2024-02-14T18%3A29%3A59.819Z&amp;dt=2024-08-14T18%3A29%3A59.819Z&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" scrolling="no"></iframe> 
<p>The RSI for NEO stood at 46, indicating a neutral price action with low buying momentum. This value suggested that there is a balance between the buyers and sellers, and the price could consolidate in a closed range ahead.</p> 
<p>@TradeNomadic on X, noted that NEO made a double bottom around the $8.50. The token could be smash the $10 mark per the analyst.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="qme" dir="ltr"><a href="https://twitter.com/search?q=%24NEO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NEO</a> <a href="https://t.co/q9xJdMYioj">pic.twitter.com/q9xJdMYioj</a></p>— Trading Nomadic (@TradeNomadic) <a href="https://twitter.com/TradeNomadic/status/1821695801451803125?ref_src=twsrc%5Etfw">August 8, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>Similarly, the Bollinger Bands converged, signaling a decrease in volatility. While, the On-Balance Volume (OBV) showed a flat line, conveying sustained selling pressure in the past.</p> <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (NEO), Development Activity (NEO)" width="800" height="425" src="https://embed.santiment.net/chart?ps=immutable-x&amp;pt=IMX&amp;df=2024-02-14T18%3A29%3A59.819Z&amp;dt=2024-08-14T18%3A29%3A59.819Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Btotal_open_interest%3Bneo%3BNEO%5D%3B%5B1%3Bdev_activity%3Bneo%3BNEO%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%224h%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Since last month, the development activity data was moving upward and stayed on a positive note, which displays an increased growth optimism in the ecosystem.</p> 
<p>Its Futures Open Interest (OI) remained flat, with a positive change over 1.20% on the long side in the past 24 hours. Notably, the OI slipped to a three-month low at $21 Million, reflecting lowered buying interest.</p> 
<h2 class="wp-block-heading" id="h-sharpe-ratio-declines"><strong>Sharpe Ratio Declines</strong></h2> 
<p>The Sharpe Ratio assesses how well an investment performs relative to its risk level by comparing its average return and its volatility.</p> 
<p>NEO’s sharpe ratio observed a negative value of -1.10 which indicates that it is a low risk-reward asset. It means that investors do not want to bet on it.&nbsp;</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="518" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-152-1024x518.png" alt="Sharpe Ratio Source: Messari" class="wp-image-664907" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-152-1024x518.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-152-300x152.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-152-768x389.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-152-1536x778.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-152-150x76.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-152-696x352.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-152-1068x541.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-152.png 1580w" sizes="(max-width: 1024px) 100vw, 1024px">
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  Sharpe Ratio Source: Messari
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<p>If the token fails to cross the 20 day EMA mark, it could slip to $9.20. It could subsequently fall to $8 mark in the short term. Conversely, if it crosses the $10 mark, it might sprint toward the 50 day EMA mark at $11.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/15/neo-price-struggles-at-10-can-neo-bulls-flip-the-resistance/">NEO Price Struggles At $10: Can NEO Bulls Flip The Resistance?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

NEO Price Struggles At $10: Can NEO Bulls Flip The Resistance?

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