NEO Price Analysis: NEO Coin Price Struggles To Give A Breakout Despite The Rise In Market

• NEO price is currently seeing a consolidated momentum on the daily chart and can soon breakout for a new high. It has observed a gain of more than 5% in the past 24 hours
• Technical indicators of NEO price suggest a breakout in the price for the future. In contrast, the NEO/BTC pair is up by more than 2% in the intraday session

NEO coin price has a market dominance of more than 0.18% and is ranked 40th in the CMC. The volume of the coin has along with the market cap is stagnant despite the rise in market. The volume to the market capitalization ratio of the NEO hints towards a bullish momentum in price for the future.

Why Invest In NEO Coin?

 NEO coin price is currently in a consolidated zone but can soon see a major breakout in the future. The asset price is trading near the value of $58 with an intraday gain of more than 4%.

Neo claims itself as a “rapidly growing and developing” ecosystem that has the aim  of becoming the foundation for the next generation of the internet — a new system  where digitized payments, identities and assets can be together .One can invest in NEO as per the risk adversity and price action.

Technical Indicators Of NEO Coin Suggests A Strong Upside Momentum In Price For The Future

The weekly technical chart of the NEO coin price suggests a consolidated momentum in price. Coming to the daily chart, the asset price is currently seeing a weak bullish momentum on the daily chart . The 100 MA line is near $2, making it a temporary bounceback  region for the asset price. The bullish momentum of NEO can see a halt near the value of $80

On the downside, support of the asset can be seen near $40. There is a formation of a strong supply zone on the daily chart. The asset price can soon see a new high in the upcoming days. NEXO/BTC pair can also observe a new high in the future and can see a major breakout.

Conclusion

NEO coin price is currently observing a consolidated momentum and can soon see a new high. . NEO/BTC pairs can also observe a new high in the upcoming days.

Technical Levels

Major Support:$40

Major Resistance:$80

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