- NEO token price jumped above the resistance of $45 with increased bullish momentum.
- The token price exceeds all the critical EMAs in the daily chart.
- The pair NEO/BTC trades with a gain of 20.80% at 0.00112 BTC.
NEO token price has been trending lower as the supply dump became more and more frequent. The coin price failed with every bullish-up move to rise above the resistance trendline.
The up move from the demand met near the $26 has resulted in more than 40% in the coin price. More importantly, the bullish up move helped the price rise above the long-coming resistance of $45.
The rising 50 daily EMA may soon touch the 200 daily EMA and might quickly generate a bullish golden crossover signal, creating more greed among the investors, leading to an increase in buying pressure.
Investors could expect a bullish rally of around 20% to 30% if the price manages to sustain the bullish momentum. However, in the case of a bearish breakthrough, a downfall of the same positive percentage could be expected.
Presently, the NEO Token price is valued at $46.33, with a +27.87% gain in the market cap within the past 24 hours, projecting an inclining growth rate as the price breaks above the resistance.
The intraday trading volume of the coin has managed to rise about 300% in the past 24 hours, indicating an alarming increase of interest of investors that might be speculating a bullish rally.
Increasing Volumes Brings Rally In NEO Token Price
NEO token price has seen a recent jump in trading volume in the 4-hour technical chart projecting the increasing bullish pressure and psychological state of investors turning more and more greedy. The current bullish candles with long-range represent the uptrend of the token price is substantial.
The recent jump in price resulted in the EMAs’ breach and is trading at a great distance above the EMAs.
NEO has given strong proof of its potential, reaching the $100 mark after hitting rock bottom of $4. The coin price has observed a significant fall that might continue till it hits the $65 mark.
As per the technical analysis of the price action, a bullish breakout may find it challenging to rise above the $65 or $88 mark. However, if the price breaches the 50-day EMA, the bearish trend might fall to $26 or even $15.
The Relative Strength Index Indicator (bullish) indicates bullish momentum as the slope of RSI enters the oversold zone.
The ADX represents a rise in trend momentum as the price jumps above.
Overall, the trend’s gaining momentum and the underlying bullishness rise as per the ADX and RSI indicators.
Conclusion – NEO Token Price moves upwards after the breakout of an accumulation zone between the two EMAs, forecasting a bullish trend.
Support – $26 and $15
Resistance – $65 and $88