Cryptocurrencies started the day with a decline and continued with an increase on a Federal Reserve evening. This can change very quickly. On days of Fed interest rate decisions, where volatility is high in both directions, investors need to remain extra cautious. BTC climbed to $43,300 at the time the article was prepared, then quickly formed a new decline candle of similar magnitude on the 15-minute chart.
NEO Coin Commentary
Although it used to be much more popular, NEO Coin has not been forgotten. On the daily chart, the NEO Coin price has been trading below the long-term resistance since February 2023. The resistance was tested many times, the most recent being on the first day of this year, but it has not yet been breached.
NEO Coin, which dropped to $9.8 on January 23, is now recovering from the bottom along with many other cryptocurrencies. Although the daily RSI does not provide a clear reading, the assumption of weakening resistances tested many times could lead to a rapid increase in value if broken.
NEO Coin Price Prediction
On the shorter-term 6-hour chart, the NEO Coin price has been trading in a decreasing parallel channel for 86 days. This generally contains corrective movements, but the price response from the channel’s support on January 23 gave bulls hope. GeniiAlert drew attention to a significant increase in volume following the recent breakout. Crypto Chart Monkey is also among the experts who believe in the continuation of the price rise.
“Be ready for a potential uptrend trading opportunity with NEOUSDT. After encountering resistance, NEO is now finding support at $10.08. We could see a reversal here as it moves towards previous high levels.”
Additionally, according to Elliot wave counting, we see a completed W-X-Y correction. If the price correction is indeed over, it could climb to the $14.8-15 range with a 30% increase from the channel’s midline.
Despite the bullish prediction, if the NEO Coin price falls below the short-term resistance, a return to $9.8 is likely. The overall market sentiment is currently positive; Powell is not expected to take an overly harsh stance, and GBTC outflows have slowed, making investors hopeful for February.
