NEO is the name of the currency that forms the backbone of the NEO smart economy. It’s a smart economy because it’s based on blockchain technology, a secure digital ledger that allows for peer-to-peer transactions between two parties without the need for a middleman. It’s currency because it’s used to transact any type of asset or transaction on the NEO network.
As of today, NEO is still recovering from a large dip in April of this year. NEO/USD is currently trading at 0.01240, with a total return of -6.07%. NEO/USD has a historical volatility of 12.91%, which means that in less than a year, NEO could drop by -57.44%.
On June 2021, the price of NEO will be $0.05The NEO price forecast for June of this year is $80 to $100 per unit if the market turns bullish again. NEO is trading around $59 and the intraday price range for NEO at the time of writing is $55.9 – $59.5. The price of the cryptocurrency has risen nearly 6% in the past 24 hours, and its value against the US dollar is currently up 8% over a one-week period. However, NEO’s monthly price movement is in negative territory, with the NEO/USD pair currently down 48.9%, as shown on CoinGecko.com. Despite the unimpressive outlook over the last 30 days, NEO is still up over 386% since this time last year. Based on these annual forecasts, it can be assumed that the upward trend will continue, likely leading to an increase in the price of NEO in June.
On 1. In January, NEO traded at $14.28. By mid-February, the price had quadrupled to over $56, followed by a parabolic rally from the low at $35, and the price reached a new high on the 19th. April a new high of $136. The sharp decline over the next six days erased 40% of the cryptocurrency’s value, bringing the price down to around $79. However, this decline was followed by a further increase between Q5 and Q7. In May, the NEO/USD exchange rate rose more than 30% to an annual high of $146.83. NEO’s stock price in 3 months. Source: CoinMarketCap An overall decline of over 76% from the high at the beginning of the year has prevented NEO from rising above $63. At the time of writing, the price of NEO has fallen nearly 70% from its all-time high of $198.38 reached on Jan. 15, 2018.
NEO price compared to the broader crypto-currency market
NEO trades with the same market outlook as most other assets in the crypto-currency market. NEO’s 6% intraday rise this morning (June 5) coincides with a similar move in most of the major altcoins, which have been suffering from widespread selling pressure lately. Data from market aggregator CoinGecko shows that Ethereum is up 8% at the time of writing, while Binance Coin is up double digits at 14%. Cardano at 8.6%, Dogecoin at 7.0%, and XRP at 6.6% are some of the impressive gains in morning trading this Saturday. While the picture may change in either direction due to the volatility of cryptocurrency prices, the momentum seems to favor a higher weekly close for most of these assets. This outlook could allow the price of NEO to make a decent move and reach our June price target of around $80 or more. Recall that the cryptocurrency market plunged into chaos towards the end of May, largely due to the negative sentiment surrounding Elon Musk’s tweets about bitcoin. The market also came under significant downward pressure when the Chinese government announced a crackdown on cryptocurrency mining in the country. Weakening prices have wiped nearly $1.5 trillion from the total capitalization of the crypto-currency market, which has fallen from a bull market of $2.55 trillion to $1.1 trillion. However, the metric is gaining traction and the total market value is now $1.76 trillion. NEO has a market value of $4.1 billion, and daily volume currently exceeds $614 million.
NEO Price forecast for June
NEO is aiming to break above $60 for the first time in a week, and its intraday performance follows market sentiment. There are signs of increasing momentum, which could prompt buyers to consolidate above critical support levels and move toward the short-term $80 target. The bullish bias for NEO will strengthen if the price breaks through the following resistance levels, as shown in the technical analysis below.
NEO price: Technical forecasts
The NEO/USD price chart suggests a bullish reversal for NEO in June 2021. Source: TradingView NEO formed a double top that turned negative in May. The NEO/USD is waiting for a recovery from the oversold zone, which incidentally allowed for a strong consolidation around $35 on the daily timeframe. As you can see on the chart, there is a strong possibility that the upward correction will continue above the $60 level, with targets at the 50-day moving average ($84.38) and the 50% Fibonacci retracement level at $91.08. Daily RSI and MACD indicators point to a potential buying trend. Although the RSI remains below the equilibrium level at 44.90, it shows an underlying bullish reversal trend. A similar pattern can be seen in the MACD, which shows a bullish cross. Therefore, the bulls should hold the trendline support and aim to break through the next hurdle, represented by the 23.6% Fibonacci retracement level ($61.51). This could lead to an increase in buy orders in the NEO market, and prices are expected to reach these targets in the next three weeks. If the positive trend does not lead to a weekly close above $60, a breakout of immediate support around $56 could open a new downtrend towards $35.
What events could affect the price of NEOs in June?
NEO has been compared to Ethereum for its robust smart contract functionality. It is also called the Chinese Ethereum because of its tremendous growth in China due to regulatory compliance. This means that any positive news from the Chinese government could influence the use of NEOs, which would affect their price. While no major events are planned for June, excitement is building around the planned launch of mainnet 3.0 in Q3 2021. In addition to a host of new features and improvements, NEO 3.0 makes it much easier for any developer to create and deploy decentralized applications on the platform. Investors should keep an eye on all the news that will be released in the coming weeks and the general sentiment of the cryptocurrency market. At this point, it is important to note that the price of NEO may be affected by the price trend of the largest blockchain cryptocurrency, bitcoin. Over the past year, NEO has replicated the price movement of the reference cryptocurrency. The BTC price is up +287% in the past year, while NEO is barely better at +386%. It should be noted that the above is an opinion based on the available data only. It should not be considered as direct investment advice.As more and more ICOs are running out of money and their tokens are crashing, the NEO tokens are being hyped as the next big thing. But, is NEO really overpriced? Is it too late to buy? Or, if it really is too late, what will be the price of NEO in June 2021?. Read more about neo price prediction tomorrow and let us know what you think.
Frequently Asked Questions
Is Neo a good investment 2021?
In 2019, a new Cryptocurrency, NEO (China) – formerly Antshares – hit the market. It was developed by two strong programmers, Da Hongfei and Erik Zhang, who wanted to create a system which enables the free flow of digital information via blockchain technology. Given how the crypto markets have performed this year, it is quite easy to get lost in the hype surrounding any one cryptocurrency. Here are my thoughts on NEO (Antshares) and its position in the future.
What is the future of neo coin?
Neo coin has been doing good, and is trending upward. Many people are interested in the coin, and hence, the price is trending upwards. This has been the trend for a while now. However, there is a concern about the future of Neo. The concern is that the price is going up, but the demand is not increasing. This can be attributed to the lack of adoption of the coin. The price will probably fall soon. NEO is a Chinese cryptocurrency, and its market capitalization stood at close to $2 billion as of mid-May. Because of the financial and political uncertainty in China, NEO has developed a reputation for being a “safe haven” currency, which means it is useful to buy when markets are unstable. However, NEO is also being used as a platform to create decentralized applications (DApps), which is likely to be a major driver of its success in the future. NEO is currently ranked fourth among all cryptocurrencies by market cap.
Will Neo go up 2020?
Neo (Symbol: NEO) is a smart contract platform, and it is the 9th largest cryptocurrency by market cap. The cryptocurrency’s price development is steady, and there is a good chance NEO will be up by 2020. NEO has a long track record of doing what it has promised to its investors. It has been a steady leader in the blockchain world and has consistently proven itself to be the best-performing digital currency based on market cap, trading volume, network effects and performance. Will NEO be the next big thing in the digital currency market?
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