On a day marked by the Federal Reserve’s interest rate decisions, cryptocurrencies experienced initial declines followed by gains, with Bitcoin reaching $43,300 before facing a swift downturn. Such days are characterized by heightened volatility, urging investors to exercise increased caution.
NEO Coin’s Market Performance
NEO Coin, once a popular choice among cryptocurrencies, has been struggling beneath a long-term resistance level since February 2023. Despite several attempts to break this resistance, including one at the start of the year, it remains intact.
Following a drop to $9.8 on January 23, NEO Coin is showing signs of recovery, mirroring the broader cryptocurrency market. The daily RSI is ambiguous, but the repeated testing of the resistance suggests a potential for a sharp increase in value if the resistance is eventually broken.
The shorter-term 6-hour chart reveals NEO Coin’s price movement within a decreasing parallel channel for 86 days, typically indicative of corrective patterns. However, the recent support response and volume surge hint at a bullish outlook, with experts like GeniiAlert and Crypto Chart Monkey anticipating a continued rise in price.
Elliot wave analysis suggests the completion of a W-X-Y correction for NEO Coin, and if the correction has ended, the price might surge by 30% to reach the $14.8-15 range. Despite this optimistic forecast, a fall below the short-term resistance could lead to a retest of the $9.8 level. The market sentiment remains positive, with expectations of a moderate stance from Powell and a slowdown in GBTC outflows, giving investors hope for February.