Neo Price Analysis - May 31

Azeez Mustapha
  • Bullish entrant in the medium and short-term outlook.
  • The bears' momentum seems gradually fading as their pressure was rejected at demand areas.

Neo, NEOUSD, Cryptocompare chart

NEOUSD Medium-term Trend: Bullish

Supply zones: $70.00, $80.00, $90.00

Demand zones: $40.00, $30.00, $20.00

Neo is bullish in the medium-term. Yeasterday's breakout from the $53.45 upper supply area may likely be a confirmation that the bulls have taken over the market from the bears. The daily candle opened bullish at $51.07, above the 3 EMAs crossover. This is an indication of the bulls' presence and pressure. The 3 EMAs are fanned apart indicating strength within the uptrend. The stochastic oscillator is in the overbought and its signal is pointing up, which implies upward journey of price as the bulls increased their momentum. A bounce to the upside is always seen at the upward trendline and strong support at the 12-day EMA. The bearish run may have come to an end and the journey to the moon started.

 NEOUSD Short-term Trend: Bullish

Neo, NEOUSD, Cryptocompare chart

Neo is bullish in the short-term. The bulls won the fight in yesterday's consolidation scenarios and they showed supremacy, breaking many supply areas. The bulls came in at the double bottom formation in the $50.40 demand area. They drove the price higher up to the $53.80 supply area and there is room for a further upward movement. The price is forming higher highs and higher lows in a gradual journey.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Bitcoin Bounces Back to $3,300 as Crypto Market Holds on to $100 Billion Mark

Bitcoin Bounces Back to $3,300 as Crypto Market Holds on to $100 Billion Mark
Francisco Memoria

Bitcoin, the flagship cryptocurrency, has recently seen its price rise to little over $3,300 after the cryptocurrency ecosystem nearly saw its value dipped below the $100 billion mark. Currently, most top cryptocurrencies are posting significant gains.

This week, as reported, bitcoin hit a 15-month low slightly below the $3,200 mark. The cryptocurrency’s sell-off has been going on since December of last year, and started after it hit an all-time high of nearly $20,000.

Currently, it’s up 3.5% in the last 24-hour period, as it’s trading slightly above the $3,300 mark. Its market cap is of $57.4 billion, as its share of the crypto ecosystem has now grown to about 55%.

Bitcoin's price performance in the last 24-hour period

Bitcoin’s recovery may, for now, be short-lived, as various analysts have pointed out we’re currently in a support zone. Speaking to CryptoGlobe Mati Greenspan, a senior market analyst at eToro, noted there’s a strong support at $3,000, but that he wouldn’t be surprised if BTC dropped below it before bottoming out.

According to Forbes Natalia Karayaneva, the CEO of real estate startup Propy, has argued cryptocurrency prices have been going down as billions of dollars have flowed into blockchain-based startups in the last few months, and that taxes will have to be paid next year. She was quoted as saying:

At the end of the year, entrepreneurs need to pay taxes and plan 2019. This crypto sell-off drove the panic further.

Karayaneva added that even though cryptocurrency entrepreneurs are driving the space forward, they still have to cover their expenses. Per her words, things may improve next year once some decentralized applications (dApps), security tokens, and protocols start to take off.

Notably, bitcoin permabull Tom Lee, the head of research at Fundstrat Global Advisors, has recently argued the market is wrong about BTC, as he estimates its “fair value” to be “between $13,800 and $14,800.”

Altcoin Post Significant Gains

Bitcoin isn’t the only cryptocurrency moving up. In the last 24-hour period, various top altcoins, including Dash and Litecoin, have risen by double-digit percentages, while most others are up by well over 5%.

According to CryptoCompare, Ethereum’s ether is up 5% as it’s trading at $87.8, while the XRP token is at $0.29 after rising 2.6%. EOS and BCH are up 7.5% and 5.4%, and are trading at $2 and $80.2 respectively.

Privacy-centric cryptocurrencies Zcash and Monero (XMR) are up 7.8% and 5.4% respectively, Tron’s TRX rose 4.5% to $0.013. Waves, a cryptocurrency that has been bucking the bearish trend this month, rose 0.4% to $2.45.

Exactly how Lee got to his figure is unclear, although reports have suggested that following his model, BTC would be worth $150,000 if its number of wallets got to 7% of Visa’s 4.5 billion accounts.