The price forecast for NEO this June is $80—$100 per unit if the market flips bullish once more
NEO is changing hands around $59 and the intraday price range for NEO is $55.9—$59.5 at the time of writing.
The cryptocurrency’s price is up nearly 6% in the past 24 hours, with its value against the US dollar currently up 8% over the weekly time frame. NEO price monthly performance is, however, in the red, with the NEO/USD pair currently 48.9% down as shown on CoinGecko.com.
Despite the unimpressive outlook over the past 30 days, NEO is still up by more than 386% since this time last year. From this year-on-year outlook, it’s possible that the bullish bias persists and thus will likely lead to more growth for the NEO price in June.
NEO Price Overview
On 1 January, NEO was trading at $14.28. The price increased fourfold to trade above $56 by mid-February before a parabolic rally followed a bounce-up off lows of $35 to take it to a new high of $136 on 19 April.
A sharp decline over the next six days wiped 40% of the cryptocurrency’s value to leave it poised around $79. The dip was, however, followed by another pump between 5-7 May, with NEO/USD jumping more than 30% as prices touched a year-to-date high of $146.83.
NEO 3 month price chart. Source: CoinMarketCap
The overall decline of more than 76% since touching the above YTD peak has left NEO struggling to break above $63.
As of writing, NEO is nearly 70% down from its all-time high price of $198.38 reached on 15 January 2018.
NEO price compared to the broader crypto market
NEO is trading with the same market outlook as most other assets in the crypto market. NEO’s intraday gains of 6% this morning (5 June) align with similar moves for the majority of top altcoins that have recently struggled against widespread sell-off pressure.
Data from market aggregator CoinGecko shows that Ethereum is up 8% as of writing, while Binance Coin is in double-digit gains with 14%. Cardano with 8.6%, Dogecoin with 7.0% and XRP with 6.6% are some of the impressive gainers during early morning deals this Saturday.
While the picture might flip either side owing to the volatile nature of cryptocurrency prices, it appears momentum favours a higher weekly close for most of these assets.
Such an outlook could NEO price thread a decent move to align with our June prediction of targets around $80 or higher.
Remember that the crypto market descended into chaos towards the close of May largely due to negative sentiment around Elon Musk’s Bitcoin tweets. There was also marked downward pressure across the market when the Chinese government announced a crackdown on crypto mining businesses in the country.
The price weakness wiped out nearly $1.5 trillion off total cryptocurrency market capitalisation, from a bull market high of $2.55 billion to $1.1 trillion. The metric is picking up though, with the total market cap now at $1.76 trillion.
For NEO, the market cap is up to $4.1 billion, with daily volume currently at over $614 million.
NEO Price Forecast for June
NEO is looking to break above $60 for the first time in a week, with its intraday performance tracking sentiment across the market.
There’s a suggestion of an uptick in momentum, which could see buyers strengthen above critical support levels and push towards the short-term target of $80. The bullish bias in place for NEO will strengthen if price cuts above immediate resistance levels as shown in the technical analysis below.
NEO price: technical outlook
NEO/USD price chart suggesting a bullish reversal for NEO in June 2021. Source: TradingView
NEO formed a double top pattern that saw it flip negative in May. NEO/USD is looking to bounce up from within the oversold zone, an area that incidentally provided a strong anchor around $35 on the daily timeframe. As can be seen on the chart, there’s a strong possibility of a bullish correction that extends above $60, with targets at the 50 SMA ($84.38) and the 50% Fibonacci retracement level at $91.08.
The daily RSI and MACD indicators suggest a potential buying trend. Although the RSI remains below the equilibrium level at 44.90, it’s trending with a hidden bullish reversal. A similar outlook is with the MACD that is showing a bullish crossover.
Bulls thus need to hold the trend line support and target a break above the immediate hurdle presented at the 23.6% Fibonacci retracement level ($61.51). This could see more buy orders hit the NEO market, with prices likely to rise to the mentioned targets over the next three weeks.
If the positive trend fails to lead to a weekly close above $60, a violation of immediate support near $56 could open up a bearish retest of $35.
What events might drive NEO Price in June?
NEO has been likened to Ethereum due to its robust smart contract functionality. It is called ‘Chinese Ethereum’ for its massive growth in China due to its regulatory compliance. It means any positive news from the Chinese government could influence further adoption, affecting NEO’s price.
While there are no major events lined up for June, there’s growing excitement around the planned launch of mainnet 3.0 in Q3 2021. Apart from a host of new features and improvements, NEO 3.0 will make it a lot easier for any developer to build and deploy decentralised apps on the platform.
Investors should look out for any news that may come out over the next few weeks, and the overall crypto market sentiment.
At this point, it’s important to note that NEO’s price might be impacted by the price trajectory of blockchain’s largest cryptocurrency Bitcoin. NEO has mirrored the benchmark cryptocurrency’s price movement over the past year. BTC price is +287% this past year, with NEO just slightly better off at +386%.
Please note, the above is a purely opinion-based piece, based on relevant data available. It should not be deemed as direct investment advice.