Neo weekly price analysis based on traders behaviour
Neo is a native coin of the neo network that can be transfered from one smart contract address to another without involvement of a third party address thus is being considered to be a decentralized coind.on the neo network, the developers can develop their dapps as well as issue the token of their dapps over there. They can as well use the neo to pay for transaction cost of their dapps using Neo. Developers can also use their Neo coin to vote for validators who will use the coin to secure the neo network as well as to validate transactions taking place on the neo network then in return they receive return in form of new coin minted and transaction cost charged. On Monday, the 4th of may, one neo started trading at around $8.62. By Tuesday the same week, the price had managed to rise to drop to around $9.184. This rise in price has been as a result of traders behaviour which can further be explained as follows;
Traders behaviour
Neo has a huge community of developers who have created several dapps in the neo network thus making it to be well tradeable in an upward and downwards direction. Therefore, we can say that when the neo market is moving upwards, that will be an indication of an oversold market .This will make the neo market to move upwards with few buyers so that it profits with them and makes many sellers to make some losses. On the other hand, when the neo market is moving downwards, that will be an indication of an overbought market .This will make the market to move downwards with few sellers so that it profits with them and makes many buyers to make some losses. Since the market was able to show a bearish conditions, the weekly price analysis for neo based on traders behaviour can be explained as follows;
** 1.neo weekly bullish price analysis based on traders behaviour **
in a bullish market ,the neo will be moving in an upwards market direction. On Monday, the 4th of May, one neo started trading at around $8.62. By Tuesday the same week, the price rises to around $9.184. This rise in price was as a result of an oversold market which is being indicated as from below;
The above is the neo market in terms of USDT . Two points are being indicated. There is point A and point B .Before points A, the market can be seen to be trending upwards all the way to $9.184 from its lower price of $8.621 on Monday. This upward movement has been as a result of the oversold market condition. At $9.184, more buyers started to purchase some NEO in the hope that the market will continue moving upwards. This causes the market to experience an overbought condition thus causing it to resist moving upwards and shortly reverse and moves downwards to point A at $8.845. At point A, more sellers are starting to sell their previously bought NEO in the hope that the market will continue moving downwards thus causing their holding to decline in value. This causes the market to gain an upwards market pressure where it moves upward to point B with few buyers and profits with them at around $9.471. If more sellers will continue to sell their neo, then there is possibility of the neo market to continue moving upwards to around $10.00. On the other hand, if the more traders will continue to buy, then the market will resist moving upwards and starts moving downwards as it is being shown. This is the right time to sell or can wait for $10.00 and sell since the market is almost starting a downwards trend.
summary
NEO uses a delegated proof of stake consensus where users use their neo to vote several validators to run the NEO network as well as to validate any transaction taking place on the NEO network. In return, they earn reward in form of NEO gas. When neo market is moving downwards, that indicates that the volume of buyers are more than those of sellers while when it moves upwards, that indicates that the volume of sellers are more than buyers. The market was able to show an upwards trend since Monday where it has managed to reach around $9.471 from it previous low of 8.621 on Monday. This upward trend can continue until Sunday this week if this will continue. Sell now and wait to buy at around $8.621To receive our post directly to your telegram, then you can join our telegram channel frombelow t.me/TeacherForexSchool You can also join our telegram group to be able to comment on our channel post or support us over there .You can as well share your trading idea and market idea for both fiat and cryptocurrency and be able to be supported by other community member over there on the group with crypto. Here is the link to our telegram grouphttps://t.me/joinchat/DUNfZg9fTQttyxxGuNKAbgYou are always free to support our work from below;skrill donation :mudigoomondi@gmail.comNeteller donation :mudigoomondi@gmail.comBitcoin:3AFeiwUp6erj2iRBmdsnc7YhC7gcYVD6oj Ethereum;0x346570c491b76c7cd51699bdd272762111b743a9 Litecoin: LeEH7B82ccXJ6QoibCryGJNpDGNx2x77fL Dogecoin: DLShs2vqhMc1ggqo8MPPMBTcPAZdqCZoWd lightning network:tipping.me:https://tippin.me/@quintomudigo