NEO alliances with MADANA—a platform that does data analysis using blockchain technology and PrivTech to fulfill the gap between data and insights for the smart economy—which is the foremost aim of NEO. Blockchain solutions have been opted by many data management organizations due to the ease and development of this technology to be less cumbersome.
NEO is one such blockchain platform that has been working towards having a smart economy and entering into this new world with graded solutions and deploying recent upgrades into the network.
— Neo Smart Economy (@NEO_Blockchain) June 8, 2020
NEO has been trading fairly well amongst many altcoins of the market and had breached 3-month long resistance at $13.16. With this, the coin is retaining imminent support from the moving averages. It is likely to experience expanding volatility in the upcoming days, as observed from the widening of 20-day Bollinger Bands.
NEO Price Analysis:
On the daily chart, NEO is trading at $11.88 against the US Dollar and has subsequently poised downside after hitting the 3-month long resistance in the previous week. NEO is drawing a notable uptrend on the daily chart after the massive crash that happened in March, where it retested the support at $4.10. Thereafter, the coin marked an amazing recovery and has rebounded by nearly 190% in 3 months.
Additionally, the altcoins have been performing utterly well this time in comparison to Bitcoin. However, NEO still lacks the potential to ace the race like XRP, ADA, TRX, VET but is although recording an amazing momentum in the market. NEO is holding strong support from 50-day and 200-day MA at $10.10 and $9.79, respectively, on the 24-hourly chart against the greenback.
The technical indicators on the daily chart are holding a glimpse of bullish crossover as the MACD shows intraday positive sentiments and is now seen intersecting with the signal line. The RSI of the NEO coin is hitting at 60.76 around the overbought region due to increased demand after intraday escalation.