Neo Price Prediction 2024: NEO Price Analysis
What's next for NEO?
Key Takeaways
- NEO, originally called AntShares, has been operating since 2014.
- The NEO price reached its all-time high in 2018 and has fallen since.
- Our price predictions suggest the price of NEO will increase soon.
Despite its name, NEO is one of the longest-serving blockchains. The system, which was founded in 2014 and was rebranded to its current name in 2017, has served investors relatively well without ever doing anything spectacular.
Recently, though, NEO has been on something of a downturn in the wake of the market crash of June 2023.
However, in October last year, NEO announced that it was launching a new sidechain. This news took place as the market went up, taking NEO with it.
NEO had a positive 2023 but went on a rollercoaster in early 2024 and has nearly returned to its price at the beginning of the year. The NEO price trades at $11.69 today, on July 24.
NEO did not respond to a request for comment
Let’s now take a look at our price predictions for NEO, made on July 24, 2024. We will also examine the NEO price history, and talk a little about what NEO is and what it does.
NEO Price Prediction
Here are the NEO price predictions from CCN on July 24, 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, are often wrong.
| Minimum NEO Price Prediction | Average NEO Price Prediction | Maximum NEO Price Prediction | |
|---|---|---|---|
| 2024 | $24 | $26 | $28 |
| 2025 | $70 | $80 | $90 |
| 2030 | $32 | $40 | $48 |
Two methods were used to create our NEO crypto price predictions. Predictions are created using fractals (mirroring movements and indicator readings) and the wave count.
The mean of the two predictions gives the average NEO price prediction, the more bullish one is used for the maximum price prediction while the more bearish one is for the minimum.
Fractal Prediction
In December 2018, NEO’s weekly RSI fell to 30. Then, it generated a bullish divergence over two years before finally catalyzing an upward movement. The entire upward movement lasted for 240 days and had a magnitude of 2,100%. However, the increase until the first high, when the RSI first moved to overbought territory had a magnitude of 300% and lasted for 200 days.
The weekly RSI also generated bullish divergence between April 2022 and January 2023. The first portion of the upward movement, measured until the RSI reached overbought territory had the same magnitude, more specifically 310%. However, it lasted 2.3 times longer.
Using these ratios leads to a high of $140 in June 2025. Projecting a similarly shaped increase and correction leads to a NEO price prediction of $24 and $70 for the end of 2024 and 2025, respectively.
Wave Count Prediction
The most likely wave count suggests that NEO started an A-B-C corrective structure in March 2020. Giving waves A:C a 1:1 ratio leads to a high of $221. Using the Fibonacci time zone tool predicts the NEO price high will be reached in March 2025.
Projecting a similarly shaped upward movement and correction leads to NEO price targets of $28 and $90 for the end of 2024 and 2025, respectively.
Finally, we use the daily rate of increase for the past two years to predict the NEO price at the end of 2030. In the past two years, NEO has increased by 86%, for a daily rate of increase of 0.12%.
Projecting this increase to the end of 2030 leads to a NEO price prediction of $40. Adding and removing 20% to this target gives our minimum and maximum NEO price predictions.
NEO Price Prediction for 2024
Our wave count and fractal methods give similar NEO price predictions for the end of 2024. More specifically, they give targets of $24 and $28.
NEO Price Prediction for 2025
Our wave count and fractal methods give similar NEO price predictions for the end of 2025. More specifically, they give targets of $70 and $90.
NEO Price Prediction for 2030
We use the daily rate of increase to make a NEO price prediction for the end of 2030, arriving at a target range of 32 and 48.
NEO Price Analysis
The daily time frame NEO price chart shows a decline under a descending resistance trend line, which led to a low of $8.47 on July 5. This also caused a breakdown from the $10.50 horizontal support area.
However, the price regained its footing almost immediately and began an upward movement. On July 16, it broke out from the trend line, confirming the correction has ended.
The increase preceded a bullish divergence in the daily MACD (green) and an RSI increase above 50. Both these support the continuing upward movement and indicate NEO can reach the next resistance at $15.
Short-Term NEO Price Prediction
The NEO price prediction for the next 24 hours is based on the assumption that NEO will increase toward the $15 resistance area. If this is the case, the future NEO price prediction for July 25 is bullish, likely to be above $12.
The increase is part of a five-wave upward movement, which can take NEO to the $14.50 resistance area by the end of the month.
NEO Relative Strength Index (RSI): Is NEO Oversold or Undersold?
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.
On July 24, 2024, NEO’s weekly RSI was at 45, a sign of a bearish trend. The RSI recently declined below 50.
NEO Average True Range (ATR): NEO Volatility
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility.
On July 24, the NEO weekly ATR was 2.65, a sign of low volatility. The indicator has fallen since 2021. Divided by the $11.74 NEO price, the ATR is 0.25.
Best Days and Months to Buy NEO
We took a look at the NEO price history and found the times when the price was at its lowest across certain days, months, quarters, and even weeks in the year, indicating the best times to buy NEO.
| Time to Buy NEO | Days, Weeks, Months and Quarters |
|---|---|
| Best Day | Sunday |
| Best Week | 33 |
| Best Month | June |
| Best Quarter | Second |
NEO Price Performance Comparison
NEO is a Proof-of-Stake smart contracts platform, so let’s compare it with other similar projects.
NEO Price History
Let’s now examine the NEO price history. While past performance should never be taken as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a NEO price prediction.
2017: NEO, rebranded from its original name, was worth about $0.10. It reached an all-time high of $196.85 during the crypto market bubble.
2018-2020: After the bubble burst, NEO hovered around $10 for most of these years.
2021: The crypto market’s bullish cycle saw NEO trading over $100 in May. It ended the year at $25.74.
2022: One of the worst years for the crypto sector, NEO closed at $6.12, losing more than 75% over 12 months.
2023: NEO experienced some fluctuations. It reached a high of $15.57 on February 21, fell to $7.07 on June 10, peaked at $10.68 on July 1, dropped to $6.50 on October 19, and shot back up to $10 on November 2. It ended the year at $13.94.
2024: Starting a downtrend in January, NEO dropped to $10, rebounded to $23.82 in April, and currently trades at $11.60.
| Period | NEO Price |
|---|---|
| Last Week (July 17, 2024) | $11.90 |
| Last Month (June 24, 2024) | $10.97 |
| Three Months Ago (April 24, 2024) | $17.45 |
| Last Year (July 24, 2023) | $8.66 |
| Five Years Ago (July 24, 2019) | $11.26 |
| Launch Price (Sept. 13, 2016) | $0.30 |
| All-Time High (Jan. 15, 2018) | $198.38 |
| All-Time Low (Oct. 21, 2016) | $0.08 |
NEO Market Cap
The market capitalization, or market cap, is the sum of the total number of NEO in circulation multiplied by its price. On July 24, 2024, NEO’s market cap was $824 million, making it the 97th largest crypto by that metric.
Who Owns the Most NEO?
On July 22, 2024, the five wallets with the most NEO were
- ANeo2toNeo3MigrationAddressxwPB2Hz. This wallet held 37,768,679 NEO, or 37.77% of the supply.
- AQVh2pG732YvtNaxEGkQUei3YA4cvo7d2i. This wallet held 27,800,304 NEO, or 27.8% of the supply.
- Ae2d6qj91YL3LVUMkza7WQsaTYjzjHm4z1. This wallet held 9,762,322 NEO, or 9.76% of the supply.
- AZhafj46oNu6gn5CxRkdWVb7cDQF6okkL6. This wallet held 4,790,101 NEO, or 4.79% of the supply.
- AYSQMLw3PpFuKGarsUWesfmgRjkSQ6cxkt. This wallet held 4,653,705 NEO, or 4.65% of the supply.
NEO Supply and Distribution
| Supply and distribution | Figures |
|---|---|
| Maximum Supply | 100,000,000 |
| Circulating supply as of July 24, 2024 | 70,530,831 |
| Holder distribution as of July 24, 2024 | Top 10 holders own 88.77% of the maximum supply |
From the Whitepaper
In its technical documentation or whitepaper , NEO says: “Neo is a distributed network which utilizes blockchain technology and digital identity to digitize assets and automate the management of digital assets using smart contracts. Neo network has two tokens, NEO representing the right to manage Neo blockchain and GAS representing the right to use the Neo Blockchain.”
NEO Explained
The NEO platform is one of many crypto blockchains. It was founded in China in 2014 under the name AntShares.
The system aims to host a variety of decentralized applications (dApps). These operate using smart contracts, computer programs that automatically execute once certain conditions are met.
Two native tokens support NEO, the eponymous NEO coin and the GAS token.
How NEO Works
NEO uses a form of Proof-of-Stake (PoS) consensus mechanism. This means that people are chosen to add blocks to the blockchain and verify transactions based on how much NEO they hold.
NEO coin holders can vote on changes to the network. Meanwhile, GAS, as its name implies, pays for transactions on the blockchain.
People can also buy, sell, and trade NEO on crypto exchanges.
Is NEO a Good Investment?
It is hard to say. NEO is perhaps best described as a stalwart of the world of crypto. It has never really done anything spectacularly interesting, but it is solid, stable, dependable, and well-established.
Something potential investors may want to know is what NEO can do to make it stand out and bring in new customers. If it does this, it could, potentially, reach new levels and climb up a division.
As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in NEO.
Will NEO go up or down?
No one can tell right now. While the NEO crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in NEO?
Before you decide whether or not to invest in NEO, you will have to do your research, not only on NEO, but on other, similar, coins and tokens. Either way, you will also need to make sure that you never invest more money than you can afford to lose.
FAQs
Will NEO reach $100?
Our NEO price predictions imply that NEO will not reach $100 in the near future but might hit $90 in 2025.
What is NEO used for?
NEO coin holders can vote on changes to the NEO blockchain. People can also buy, sell, and trade NEO on exchanges.
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