Price Analysis: NEO, Tezos (XTZ), VeChain (VET)

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Price Analysis: NEO, Tezos (XTZ), VeChain (VET)

By Hassan Maishera - min read
Updated 21 March 2023
Altcoin prices are expected to move this weekend

Tezos and VeChain could rally higher heading into the weekend, while NEO could move in the opposite direction following recent losses

Heading into the weekend, Ethereum (ETH) has established strong support above $2k while Binance Coin (BNB) comfortably traded above $400. If the current conditions persist, Ripple’s XRP token could continue its upward trajectory while Bitcoin battles to retake $60k.

Away from the spotlight, however, here is our analysis of the three main coins to watch this weekend.

NEO price outlook

NEO is down by around than 1% over the past 24 hours, and could be set for a further decline this weekend. The loss comes after a 16.2% rally over the past week, reaching a 30-day high of $68.50. Currently, NEO is trading at $60.80 and could drop to its 50-day EMA ($56.90) on the 4-hour chart if the trend continues.

NEO/USD 4-hour chart. Source: Coinalyze

A breakout above the next resistance level at $61.85 could provide the platform for NEO to surpass its 24-hour high of around $63. The MACD is still above the threshold, which means bulls have the chance to regain control of the market.

XTZ price outlook

Tezos has been rallying all week, and it could extend its gains into the weekend. Over the past 24 hours, XTZ is up by 9% against the US Dollar. A look at the XTZ/USD 4-hour chart shows that the cryptocurrency is on a bullish run. It is currently trading at $6.29, and if it maintains the trend, it could topple the next resistance at $6.35, allowing it to target its monthly high of $6.79.

XTZ/USD 4-hour chart. Source: Coinalyze

XTZ/USD is currently trading way above its 100-day SMA ($4.90), while its MACD remains bullish at the moment. If the bears take control of the market, they will have to do a lot to drop the price below $5.30, as the token has previously established strong support at that point.

VET price outlook

VET is one of several cryptocurrencies to set a new all-time high recently. Over the past week, the coin rallied by over 34% to the $1.20 region. It then lost momentum and dipped to the $0.09 mark two days ago, but the bulls defended this position and helped VET soar higher again, setting a new all-time high ($0.123) a few hours ago. If the current situation persists, the VET/USD pair could rally higher this weekend into uncharted territory.

VET/USD 4-hour chart. Source: Coinalyze

The VET/USD 4-hour chart shows this past week’s bullish run, with indicators pointing out that the trend could continue. The 14-day RSI suggests overbought conditions, however the MACD is clearly bullish.

If the bulls lose momentum, they will likely defend the support at $0.097, as further declines could see the cryptocurrency tumble below the $0.08 mark.