Top Reasons Why NEO Price Is Surging!

The post Top Reasons Why NEO Price Is Surging! appeared first on Coinpedia Fintech News

The market has displayed a consolidated weekend as major cryptocurrencies have recorded a weak price action. On the other hand, NEO’s price has displayed a strong bullish move as the coin has added over 14% in its value within the past day and has cumulatively added a total of 50% during the past seven days. 

NEO blockchain gained massive popularity and adoption in October. NEOGas acts as an operational token that powers smart contracts and tokens.

The NEO price traded in a consolidated range between $6.472 and $7.374 for a brief period, following which the market gained momentum and broke out of the resistance level.

TradingView: NEO/USDT

The NEO price was then traded sideways, following which the price experienced another jump in value, resulting in the price breaking out of the resistance level at $8.577. The price continued to gain value but was rejected at $9.905, after which it lost momentum and retested its support level.

The price regained momentum and broke out of the level but experienced a short pullback, following which the NEO price constantly gained momentum and broke out of multiple resistance levels and broke out of the resistance level at $13.765 for the first time since February.

But the rally was short-lived as the bulls lost momentum, resulting in the price dip below the level. Since then, the price has been hovering close to it and is expected to attempt soon, of which the outcome is unpredictable.

Will NEO Crypto Continue Going Up?

The MACD displayed constant flatlines for a brief period. Following the market pump, the price gained significant momentum and recorded massive volatility. Further, the averages show a rising pattern, suggesting the price will continue gaining value in the coming time.

If the bulls gain power and break out of the resistance level at $13.765, the price will continue to gain value and prepare to test its upper resistance level at $15.469 soon. Further, if the market maintains its hold at that price, it will attempt to test the upper resistance level of $17 in the coming time.

Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $11.359 soon. Moreover, if the bears continue to dominate the market, it will experience a massive price plunge and prepare to test its lower support level of $9.905 this month.

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