NEO is an open-source blockchain network and holds a decent upside potential in the long term perspective. We have witnessed a good bull run in the first half of 2021, but the profit booking induced sell-off brought NEO to its knees.
As of now, NEO is trading in a decent upside with a return of almost 140% in less than a month. But the good thing coming out of the NEO blockchain network is it taking support from the 200 DMA, which will be essential support in pumping its price to new highs.
Neo Eyes Breakout Above $55
Neo coin has a strong potential from current price action to break its immediate resistances and become trending. The small consolidation or retesting of its 200 Day Moving Average from the upper levels of $55 indicates the buyer sentiment on Neo cryptocurrency. One can expect Neo to reach $100 in the next few months.
On an indicative basis, RSI is trading at a histogram level of 65 is close to the overbought zones. However, neo taking support from its 200 DMA will bring a strong potential for the upside move, and we expect little to no resistance in this realization. All one needs to take note of is the price action, profit booking below support levels will be an indication of a trend reversal. Neo has support at its 200 DMA, followed by the $50 psychological mark.
