Like all major cryptocurrencies, Neo (NEO) has been suffering from bearish momentum too. Neo coin is struggling with upholding bullish momentum and it has entered into an indecisive phase with decreased volatility. The cryptocurrency stands at a price level of $35. The price has increased only slightly in the past twenty-four hours while the trading volume is declining.

The market outlook for Neo continues to be bearish with majority of the technical indicators giving out a bearish signal. Out of the total twenty-six technical indicators, eleven are standing at a sell position while ten are giving out a neural indication and only five are indicating a buy position. The oscillators are strongly bullish while the moving averages are strongly bearish.

Neo (NEO) price prediction

Wallet Investor’s forecasts predict Neo crypto to be operating at a price level of $62 in a year’s time while the five-year projection shows Neo at $186. Trading beasts expects an increase in the price of Neo as well. Per their estimates, Neo will be operating at a price level of $45 by the end of 2022 but the price will gradually climb to $60 by 2024. Neo is considered a good investment in the long-term with potential to go higher.

What is Neo?

Neo (NEO), originally called AntShares, is considered as China’s first public blockchain project. Emerging from China, Neo takes a place on the good side of regulators as the Chinese regulators are extremely hard on cryptocurrencies.

The purpose of Neo is the automation of digital assets by employing the smart contracts technology. But that is not all! Neo aims to create a smart technology with smart contracts, digital assets and digital identities. The distributed-network based smart economy is regarded as the future of the world as the globe moves towards digitization.