Neo (NEO) Price Prediction and Analysis in May 2021
NEO is the 25th largest cryptocurrency according to its market cap of $6,376,898,655. The cryptocurrency has a circulating supply of 70,538,831 NEO, representing 71% of the total supply of 100 million NEO. In this NEO price prediction, we will show you an in-depth price analysis, the latest developments, and some of the most reliable market opinions.
NEO Price Prediction: Analysis
Neo has gained massively in price since the start of 2021. So far, the cryptocurrency has grown by roughly 500% to reach a current price of about $90 from $14, at the beginning of January. It got to a year high of over $103 earlier this month before dipping, but is already moving towards recovery. This NEO price prediction looks at how the asset will perform in May.
At the moment, the price of NEO is growing healthily. Looking at the moving averages, the 50 MA is still far below the current price, which means it could be potential support should the price even dip lower. There is also clearly no potential death cross in sight, which means that the uptrend is not about to reverse.
Although the Relative Strength Index remains high at 59.74, it is not unusual in a bull market for the price to bounce right off and continue moving upwards. It is also not in the oversold zone (above 70) yet, so there is potential for growth, which it seems it is preparing for. The RSI shows that the asset could be in a consolidation that is more likely to break upward than downward considering the current technicals.
The Moving Average Convergence Divergence also suggests that the bearish sign indicated by the small red candle has been weakened, indicated by the pink color of the last volume bar as shown below. This is in spite of the fact that the MACD (blue line) is still below the trend line (orange), which generally shows a bearish trend. It will, however, need time to become clear if the uptrend is returning soon or may take a bit longer.
For those trading the asset, the following are key support and resistance levels calculated by Walletinvestor:
- Resistance Level (R3): 108.153;
- Resistance Level (R2): 102.993;
- Resistance Level (R1): 97.332;
- Pivot Point: 92.172;
- Support Level (S1): 86.511;
- Support Level (S2): 81.351;
- Support Level (S3): 75.691.
NEO, last month, launched NEO N3, an improved version of the NEO blockchain. This became necessary, as the gas fees on Ethereum have hit the roof. After going through 5 previews, the team launched the testnet for the blockchain on 25 March.
NEO is one of China’s leading blockchains and an alternative to the Ethereum blockchain. This makes the launch of N3 a critical step towards providing an alternative blockchain with lower gas fees. The ongoing capacity issues with Ethereum make it a perfect time for NEO to attract developers to its blockchain, something it has been trying to achieve for years.
With the launch of N3, Neo’s blockchain transaction speed has increased from 1000 transactions per second to 5000 transactions per second. The upgrade will also reduce gas fees as seen on Ethereum by 5000%, i.e it will be 100 times cheaper to use NEO’s N3 than to use the Ethereum blockchain.
NEO Price Prediction: Market Opinions
We bring you the market opinions of top cryptocurrency price prediction websites. The following are the best opinions on the performance of NEO in May 2021.
Digitalcoinprice is bullish on NEO performance in May. The NEO price prediction for the month is that the price will reach an average of $142.74. This will represent an increase of 55.19%, the website says.
Longforecast is also bullish about NEO in May. They anticipate that the price will be at $89.6 at the beginning of May. This is a bit bearish considering that the price is at $90 right now. However, it is expected to rise up to $137.8 for the month, while the least expected price is $66. The closing price for the month is expected to be $122.3.
Tradingbeasts predicts that the opening price for the month could be $71.959. NEO is expected to reach a maximum of $90.755 during the month, while the lowest expected price is $61.714. The price for the end of the month is $72.604.
Previsionibitcoin foresees that NEO will reach an average price of $113. Their NEO price prediction is based on the expectation that it will see more adoption with the launch of N3 and the better gas fees.
NEO Price Prediction: Verdict
NEO seemingly has a bright future, and it could do better in May. Considering the new blockchain upgrade and the generally bullish crypto market, NEO is not likely to be left behind. Although it has come a long way to reach the new high, there is room for further growth as we enter the new month.