Neo [NEO] Price Analysis: 05 April

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice.

As Ethereum [ETH] breaks past the $1840 resistance level to reach $1900 and Bitcoin [BTC] attempts to climb above $29,200 once again, the broader crypto market sentiment remains bullish. In this context, Neo (NEO/USDT) continued its bullish trend since 22 January 2023, after breaking above the $8 former resistance.

Read Neo’s [NEO] Price Prediction 2023-24

Trading at $12.13 at press time, NEO stood with a market cap of $1.5 billion and could face significant resistance at $12.45 and $14.4, with support at $10 and $8. In this technical analysis, we will examine various indicators for NEO/USDT and determine the short-term outlook for the pair.

Source: NEO/USDT on TradingView

Bollinger Bands: The Bollinger Bands for NEO/USDT were seen in a slowly converging position, signaling a decrease in volatility. This development could point to a period of consolidation or a potential breakout in either direction in the near future.

On-balance Volume (OBV): The OBV for NEO/USDT was seen on a steady uptrend since the start of 2023. This pattern indicated consistent buying pressure, which contributed to the bullish trend observed in the NEO/USDT pair.

Chaikin Money Flow (CMF): With the CMF value of +0.2, there was a strong influx of money into NEO/USDT. This positive signal suggested that there was significant buying interest in the market, reinforcing the bullish sentiment for NEO.

Moving Averages: The 21-period Simple Moving Average (SMA) for NEO/USDT was at 12.31, while the 55-period SMA stood at 11.5. The price, at press time, was trading just below the 21-period SMA and above the 55-period SMA, suggesting a generally bullish