The cryptocurrency market has taken a sideways movement after the correction by most of the coins. A majority of the coins and other altcoins are in the red zone with some exceptions at this point in time. Bitcoin Cash [BCH] had a correction which made the coin drop by 15.23% in the last 24 hours but now it is in the green zone with a gain of 3.76%.
Analysts are of the opinion that it is for the greater good. They say that the cryptocurrency market may be bearish at this point in time but there is a chance for it to be bullish again. The coins are expected to reverse at their various support levels in the future.
EOS is trading green with a gain of 3.38% but TRON [TRX] is red with a loss of 1.20%. The market has been highly volatile since yesterday and the trend kicked in at the close of the day before yesterday. We have seen some serious changes with regards to the price action and trading volumes for most of the coins.
The sentiment analysis segment comprises of crypto-related sentiments of people from around the world which are based on the current market trends and possible outcomes of the coins. The expert opinions are presented as it is to ensure that our readers get a wholesome picture of the coins and the cryptocurrency market in general.
A group of investors, influencers, analysts, miners, skeptics, were interviewed and based on their formulations, a carefully structured segment is presented. This analysis is on NEO which is currently at the 10th spot in the rankings.
At 12:51 PM UTC, NEO was seen to be trading at $73.07 with a market capitalization of 4.749 billion. The coin was seen to have broken the $70 mark and it went down to an intraday low of $69.03 yesterday. The coin is currently consolidating above the $70 mark and there is a resistance at $83 for the coin.
The coin may have a support at $68.3 and the immediate resistance for the coin is at $75. If this is broken, the reversal may get extended to $76 and above. The $80 mark is crucial for the coin and it appears to be a tough spot to reach as of now. If the coin breaks downside then we can expect a drop to $60 which will be the support if the coin breaks the $70 mark.
Ray Thomas, a Financial Accountant from Brooklyn says:
“The trend lines converge with a bearish sign and the coin has to break out of it for a reversal. If it does not, it may go down to the monthly support at $32.27 which acts as a major reversal zone. From there, a bullish momentum is expected which would supposedly give us a cup and handle formation.”
Jodie Stewart, an auditor from Geneva says:
“NEO will follow BTC and another drop can be expected on the cryptocurrency market in the near term. My prediction about NEO is that it will follow a wave pattern with 5 stages. The 1st stage is now complete and the coin is gearing up for the next stage. This will take the coin down and it will be back up going as far as the all-time high. This pattern will be repeated and the coin has a net bullish trend.”
Ian Glover, a Film director from Angers says:
“There is a nice round bottom that has been formed for the coin on the 4-hour chart which means that the lowest points were hit at the beginning of April. This indicates that the only way for the coin is to go up and we can see a chance for the coin to test the major resistance at $80 which may extend up to $90.”
To conclude, 56% of NEO respondents feel bullish as they are of the opinion that once the coin crosses the $80 mark, the chances are that it will go up. Another 44% of NEO respondents are of the opinion that the coin may fall down to the support levels and only after that, it will have a bullish reversal.