Leading Chinese layer-1 solution Neo Network (NEO) is on the verge of a break-out as price action battles upper trendline resistance with a +7% pump – is it too late to buy Neo? Find out in NEO price analysis.
The pump comes at a time of wider efforts to grow the ecosystem, following an on-boarding campaign at Token2049 by Neo Co-Founder Da Hongfei, and Flamingo Finance’s restoration of cross-chain functionality in face of blooming volumes on the growing DeFi protocol.
During the Token2049 event, Da Hongfei highlighted the need to stimulate growth and offerings to entice a new generation of users to onboard onto Web3.
“Action equals motivation minus resistance. To drive mass adoption, we need scenarios where users have a strong motivation to embrace Web3,” said Hongfei.
“We need exceptionally user-friendly wallets to onboard Web3 users.”
NEO Price Analysis: Is it Too Late to Buy NEO?
In the aftermath of the sudden upside move, NEO is currently trading high in the channel at a market price of $7.49 (representing a 24-hour change of -2.73%).
This comes as price action battles major resistance from a descendant upper trendline, a breakout here could see a whole new rally ignite for NEO.
With strong technical structure following the bounce out of double-bottomed structure; a move which saw NEO reclaim poised position atop the 20DMA (at $7.27) – upside is looking promising, with a move targeting the 200DMA (at $9.54) likely in the event of a breakout.
Shifting attention to NEO’s indicators, despite the RSI heating up to an overbought signal, the localised retracement following the pump has rapidly cooled the indicator down to a neutral 52 – indicating consolidation here (which would trigger a breakout).
While the MACD is showcasing bullish divergence at 0.07 – reflecting of the momentum underpinning the bounce from double-bottomed support.
Overall, NEO is in strong form here – with price action teetering on the edge of a breakout – it seems all that remains is a fundamental catalyst to trigger a rally.
This leaves NEO with an upside target at $8.60 (+14.97%) – a move which would see NEO breakout of the current descendant trading channel, and positioned for a re-test of 200DMA resistance.
While downside risk here remains limited, with a continued retracement likely to find support at the 20DMA at $7.27 (-2.81%).
NEO therefore has a risk: reward ratio of 5.33 – a fantastic entry with significant upside potential, and certainly not too late to buy NEO.
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