The NEO price prediction for June is $ 80 to $ 100 per unit if the market turns bullish again
NEO is changing hands at around $ 59, and the intraday price range for NEO is between $ 55.9 and $ 59.5 at the time of writing.
The price of the cryptocurrency has increased nearly 6% in the past 24 hours, with its value against the US dollar currently increasing 8% over the weekly period. NEO price’s monthly performance is in the red, however, with the NEO / USD pair currently down 48.9% as shown on CoinGecko.com.
Despite the unimpressive outlook over the past 30 days, NEO is still up more than 386% since that time last year. Based on this annual outlook, it is possible that the bullish bias will continue and therefore likely lead to more growth in the NEO price in June.
NEO pricing overview
On January 1, NEO was trading at $ 14.28. The price quadrupled to over $ 56 by mid-February, before a parabolic rally followed a rebound from the lows of $ 35 and hit a new high of $ 136 on April 19th.
A sharp drop over the next six days wiped out 40% of the cryptocurrency’s value, leaving it around $ 79. However, the slump was followed by another spike between May 5-7, with NEO / USD rising more than 30% as prices hit an annual high of $ 146.83.
NEO 3 month price chart. Source: CoinMarketCap
The overall decline of more than 76% since hitting the aforementioned YTD high has caused NEO to break above $ 63.
At the time of writing, NEO is nearly 70% below its all-time high of $ 198.38, which it hit on January 15, 2018.
NEO price compared to the broader crypto market
NEO trades with the same market outlook as most other assets in the crypto market. NEO’s 6% intraday gains this morning (Jan.
Data from market aggregator CoinGecko shows that Ethereum is up 8% at the time of writing, while Binance Coin is up double digits at 14%. Cardano at 8.6%, Dogecoin at 7.0%, and XRP at 6.6% are some of the impressive winners in the early morning deals this Saturday.
While the picture could turn either way due to volatility in cryptocurrency prices, the momentum appears to favor a higher weekly close for most of these assets.
Such an outlook could make NEO price a decent move to align with our June forecast of targets around $ 80 or higher.
Keep in mind that the crypto market went into chaos towards the end of May, largely due to the negative sentiment surrounding Elon Musk’s bitcoin tweets. There was also significant downward pressure across the market when the Chinese government announced action against crypto mining companies in the country.
The price weakness has wiped out the total market capitalization of cryptocurrencies by nearly $ 1.5 trillion, from a bull market high of $ 2.55 billion to $ 1.1 trillion. However, the metric is picking up, with total market cap now standing at $ 1.76 trillion.
For NEO, the market capitalization is up to $ 4.1 billion, the daily volume is currently over $ 614 million.
NEO price forecast for June
NEO is aiming to break above $ 60 for the first time in a week, with its intraday performance tracking sentiment across the market.
There is an indication of an increase in momentum that could cause buyers to grow past critical support levels and approach the near-term target of $ 80. The bullish bias for NEO will strengthen as price falls above immediate resistance levels, as shown in the technical analysis below.
NEO Prize: technical outlook
NEO / USD price chart suggesting a bullish reversal for NEO in June 2021. Source: TradingView
NEO formed a double top pattern that turned negative in May. NEO / USD is trying to rebound within the oversold zone, an area that incidentally provided a strong anchor around USD 35 in the daily timeframe. As seen on the chart, there is a strong possibility of a bullish correction spanning over $ 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 of 44.90, it is trending with a hidden bullish reversal. A similar outlook is on the MACD, which shows a bullish crossover.
Bulls must therefore hold trendline support and aim to break above the immediate hurdle at the 23.6% Fibonacci retracement level ($ 61.51). This could result in more buy orders reaching the NEO market, with prices likely to rise towards the stated targets over the next three weeks.
If the positive trend does not result in a weekly close above $ 60, a breach of the immediate support near $ 56 could trigger a bearish retest of $ 35.
What events could affect the NEO Price in June?
NEO has been compared to Ethereum due to its robust smart contract functionality. It is known as “Chinese Ethereum” because of its massive growth in China due to its regulatory compliance. This means that any positive news from the Chinese government could affect further adoption and affect the price of NEO.
Even if no major events are planned for June, excitement is growing about the planned launch of Mainnet 3.0 in the third quarter of 2021. Apart from a host of new functions and improvements, NEO 3.0 will make it much easier for every developer to develop and deploy decentralized apps on the platform.
Investors should be mindful of any news released over the next few weeks and the general sentiment in the crypto market.
At this point, it is important to note that the price of NEO could be influenced by the price development of the blockchain’s largest cryptocurrency, Bitcoin. NEO has mirrored the price movement of the benchmark cryptocurrency over the past year. The BTC price was + 287% last year, with NEO doing only slightly better at + 386%.
Please note that the above article is a purely opinion-based post based on relevant available data. It should not be viewed as direct investment advice.