Neo crypto has begun declining like most cryptocurrencies in the market as the bullish momentum declined. A downtrend is likely to be confirmed for the cryptocurrency in a couple of days; however, favorable news about the mainnet launch may help restore bullish divergence for Neo. At the time of publication, Neo stands at a price level of $42.26. The price has declined by more than 1% in the past twenty-four hours while the weekly change is a positive 33%. The daily trading volume for the thirty-fourth largest cryptocurrency has declined by 10%.
Technical analysis
The market sentiment for Neo persists to be bullish despite the recent shift in the trend. Eleven of the total twenty-six technical indicators are giving out an indication of buy. Nine indicators of the rest are standing at a neutral position with six indicators at a bearish signal of sell.
A trader’s analysis has identified a possible trajectory for Neo. Per the analysis, the cryptocurrency has two strong support levels lying nearby. A pullback is likely to occur from either of the support level which will help the cryptocurrency reach upwards. If the bullish scenario plays out good things can be expected from the cryptocurrency. The price targets for the coin are at $47, $55, $65 followed by $79. It can also reach even higher.
Neo N3 mainnet launch
The launch of the mainnet may be one of the most anticipated developments for cryptocurrency. The mainnet has launched today on 2nd August. Neo is a community-driven blockchain and the new release is designed to take it to the next level. It will provide decentralized oracle and storage services. The governance model has also been improvised along with the economic model. These features will help Neo in reaching its goal of building the new smart economy. The mainnet launch can also be expected to boost the price of the token. Neo’s price predictions had been bullish already.
