NEO Token Declines 2.3% Amid Market Recovery – Is a $20 Target Possible for NEO?

Neo Price Prediction as NEO Token Slips 2.3% Despite Market Rebound – Can NEO Reach $20? / Source: TradingView

The price of Neo (NEO) is under scrutiny as the cryptocurrency declines despite a general market recovery, while it tests a significant medium-term uptrend.

NEO was last trading slightly above $16, having dipped to $15.35 on Wednesday.

Neo is a smart contract blockchain that was introduced in 2014 and rebranded to Neo in 2017.

According to CoinMarketCap, its market capitalization was recently just over $1.1 billion.

Despite its longevity, Neo has not gained traction like other smart contract blockchains such as Ethereum.

In fact, it has never returned to the all-time high of nearly $200 reached in 2018.

During the peak of the 2021 bull market, it only briefly exceeded $140.

At present levels, it is approximately 90% down from these peaks and 92% down from its 2018 highs.

NEO’s limited adoption is apparent when looking at the total value locked (TVL) in its smart contracts.

As reported by DeFi Llama, its TVL was last recorded at only $63 million, placing it at a lowly 62nd position in the crypto rankings.

A low TVL indicates that the blockchain has not developed sufficiently appealing or useful DeFi protocols to draw in investors.

The fact that a blockchain with such limited adoption can maintain a market cap exceeding $1 billion illustrates the irrationality present in crypto markets.

However, Neo may not hold onto its $1 billion market cap for long. In fact, the Neo price seems poised for a bearish technical breakout that could lead to a rapid decline of 40% in value.

Neo Price Prediction – Can NEO Reach $20?

NEO has been on an upward trajectory since the lows in January.

However, this upward trend appears to be on the verge of breaking. This could potentially lead to a decline back to $10.

The Neo (NEO) price is in focus as the cryptocurrency slips despite a broader market rebound, and as it tests a key medium-term uptrend. Source: TradingView

Wider crypto market conditions may continue to be bearish following Bitcoin’s recent drop below $60,000.

Demand for spot Bitcoin ETFs has turned net negative, with the ETF experiencing outflows for the past five days.

Notably, BlackRock recorded its first day of outflows on Wednesday. These outflows coincide with markets adjusting expectations for near-term rate cuts from the Fed.

Yesterday’s $BTC spot ETF saw an astonishing $563 million net outflow.

Grayscale $GBTC experienced a loss of $167 million in a single day.

BlackRock ETF $IBIT faced its first net outflow of $36.93 million.

Did BlackRock make an expensive decision, purchasing at $73K and selling at $57K? pic.twitter.com/6upAEwAUPK

— Kyledoops (@kyledoops) May 2, 2024

The Fed indicated that it is too early to consider rate cuts as of Wednesday, due to recent unexpected increases in inflation data and ongoing robust growth.

Rate cuts are not anticipated until late Q3 or Q4 of this year. Following the halving, a more favorable macroeconomic environment and potential post-election optimism could then enhance risk appetite.

However, until that occurs, cryptocurrencies like NEO may continue to struggle.

Is it possible for NEO to rebound to $20? With time and improved sentiment, that should not be overly difficult.

Given the current token supply of 70.5 million, NEO’s market cap would only reach $1.4 billion at this price.

Irrationality could still drive NEO back towards its previous record highs above $100.

Nonetheless, traders should keep in mind that NEO represents a high-risk investment. Despite being established for a decade, it has not demonstrated significant signs of adoption.

It is unlikely to evolve into a major success story in the near future.

Crypto Alternative to Consider – WienerAI (WAI)

Investors considering a speculative and high-risk asset like NEO clearly possess a high-risk tolerance.

This inclination towards risk might be better directed towards a different approach that, while also risky, offers greater upside potential.

The strategy in question is presale investing, which entails acquiring tokens from emerging crypto projects before they gain traction.

Presale investing carries risks as projects may fail to fulfill their promises or achieve widespread adoption.

However, if investors can effectively identify high-potential projects, they can realize substantial gains.

A new AI meme coin called Wiener AI (WAI) has garnered attention from analysts at Cryptonews.

WienerAI IS CLEARED FOR LIFTOFF!

Get Presale Here: https://t.co/g0LrikQz90 pic.twitter.com/fy7xF5DtKP

— WienerAI (@WienerDogAI) April 22, 2024

This sausage dog-themed meme coin provides a range of useful AI trading features and has already raised over $800,000.

Interested investors should act swiftly, as the presale will see a price increase once it reaches $1.1 million.

Currently priced at $0.000703, investors are acquiring WAI at a market cap of approximately $45 million.

However, investors could potentially see returns of 10x or more if WAI becomes a market leader.

Not only is WAI an intriguing meme coin with AI capabilities, but it also offers opportunities for passive income.

How it feels to Stake $WAI. pic.twitter.com/IpkkxWHh8J

— WienerAI (@WienerDogAI) May 1, 2024

20% of the supply has been designated for staking rewards. Presale investors are currently earning an impressive 1091% APY.

At this rate, investors can double their initial presale investment in less than a month.

Buy Wiener AI Here

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