đ According to CryptoNews Analytics: $NEO Price Prediction
NEO has been moving higher according to an uptrend since the January lows.
But this uptrend looks like itâs about to break. And that could open the door to a drop all the way back to $10.
Broader crypto market conditions could well remain bearish in wake of Bitcoinâs recent drop under $60,000.
Spot Bitcoin ETFÂ demand has flipped net negative, with the ETF experiencing outflows for the past five days.
Notably, BlackRock saw its first day of outflows on Wednesday. Outflows come as markets price out near-term rate cuts from the Fed.
The Fed emphasized that its too early to be cutting rates on Wednesday. Thatâs due to recent upside surprises in the inflation data, and amid ongoing strong growth.
Rate cuts arenât now expected until late Q3/Q4 this year. Post-having tailwinds, a more positive macro picture and potentially post-election bullishness could then come in to lift risk appetite.
But until then, cryptos like NEO could continue to perform poorly.
Can NEO recover to $20? Well, in time and as sentiment improves, that shouldnât be hard.
Given the current token supply of 70.5 million, NEOâs market cap would only be $1.4 billion at this price.
Irrationality could yet see NEO pump back towards its previous record peaks above $100.
But traders should remember, NEO is a risky bet. Despite being around now for 10 years, it hasnât shown any real signs of adoption.
Its unlikely to become a big success story any time soon.
