NEO (NEO) Price Action Remains Subdued Despite Rising Liquidity and Increased Derivatives Trading

Neo (NEO) price has shown mixed performance in recent trading activity. The token's circulating supply has reached 70.54% and has experienced a market cap of $729.552 Million.

The Neo crypto price has shown mixed performance in recent trading activity. The token’s circulating supply has reached 70.54%, and it has experienced a market cap of $729.552 Million.

Despite rising liquidity and increased derivatives trading, the NEO price remained volatile. It has been trading within a consolidation range while facing strong resistance at critical levels.

As of press time, 70.54% of Neo crypto’s maximum supply has circulated in the market. This resulted in a market cap of $729.552 Million, marking a 2.2% increase in the last 24 hours.

This upward movement was further supported by a 28.5% rise in trading volume, bringing the traded value to $40.156 Million. It indicated medium liquidity for Neo, with a volume-to-market cap ratio of 5.62%.

Analysts have assessed the sentiment around the Neo crypto as neutral. This was reflected in the Fear and Greed Index, which also showed neutrality among traders.

Neo continues to hold a solid base of 135,000 holding addresses, with the number of token holders consistently rising over recent months. This growth suggested increasing investor confidence in the future performance of the token.

Neo’s fully diluted market cap stands at $1.033 Billion, with a maximum supply of 100 million tokens. However, the token remained highly volatile, with a volatility rate of 5.09%. This underscored the NEO price fluctuations seen in recent trading activity.

NEO Price Continues To Witness Higher Long Liquidations

The token’s liquidation chart revealed that a higher number of short positions had been liquidated recently. This indicated stronger buyer dominance in the NEO price movement.

However, following this trend, short liquidations doubled the long ones in the last 24 hours. Specifically, long liquidations totaled $18.02K, while short liquidations reached $37.81K.

At the time of writing, the token’s derivatives trading volume surged by 114% in the last 24 hours. This resulted in a traded value of $50.12 Million.

Additionally, open interest increased by 7.9%, reflecting growing participation in the derivatives market for the token. This suggested heightened activity and interest among traders, emphasizing short-term market movements.

NEO crypto price needs to push above specific highs to get bullish

The NEO crypto traded in a strong downtrend, and a formation of a falling wedge pattern on the daily chart followed it. The token’s price consistently declined for more than 100 days, showing sellers’ dominance in the token.

Later on, the NEO price broke out above the falling wedge pattern. Despite this, it lacked volume and momentum, which led to the formation of a small consolidation range.

At press time, the token price continued to trade in the consolidation range. Also, a strong resistance level was reached at $12.00. The price needs to break above the following resistance and sustain above the same. This might lead the price to higher levels and continue to an uptrend.

What Do NEO Token Technical Indicators Indicate About the Price?

The NEO crypto price recently broke above the 50-day EMA. However, the 50-day and the 200-day EMAs have traded in a death cross. This exhibited volatility in the token price.

NEO/USD Chart by TradingView.com

The MACD and the signal line traded in a golden cross but still traded in the negative trajectory. This showed a sign of a changing trend in the price, which might lead to confirmations in the future.

The RSI also advanced to 60.4, breaking above the 14-day SMA. This showed a rise in the token’s price and bullish momentum, which might lead to an increase.

The NEO price might take support at $6.50 and $7.50. Also, the token price might take resistance at $15.310 and $22.30.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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