- NEO token price jumps more than 75% in the past month, forming a rising channel and a double bottom pattern.
- All the crucial EMAs rise higher with bullish crossover.
- The NEO/ETH pair rose 4.40% in the past 24 hours as it trades at 0.01553 ETH.
NEO Token price reaches the heights of $60 due to the increasing bullish pressure driving the price higher in the rising parallel channel with a double bottom formation. Moreover, the price may soon reach above the $80 mark.
As per the price action, any bullish movement may find opposition near the $80 and the $100 mark. However, upon rejection from the $65 mark, Bears may drive the price down to the 200-day EMA.
Presently, the NEO token trades at $61.36 with a gain of 5.33% in the market cap in the past 24 hours. Furthermore, the intraday trading volume of the coin has risen 43%, projecting a rest among investors before a sharp move.
The uptrend in NEO Token Grows Stronger
In the 4-hour technical chart of the NEO Token, the price is close to the support trendline of the rising channel. Moreover, the coin price seems to rise higher with the boost in buying pressure that may soon drive the price higher to the $80 mark.
The coin price moves above all the crucial EMAs while increasing with a positive slope below the NEO price. Therefore, investors may find these EMAs as demand providers in case of a bearish downfall.
The ADX indicates a fall in the trend momentum, but the breach of resistance level might reinstate it.
The RSI indicator goes hand in hand with the rise in buying pressure indicating growth in underlying bullishness as the slope of RSI approaches the overbought zone.
Conclusion – According to the Technical Analysis of NEO Token, the coin price indicates growth in uptrend momentum, and bulls try their best to hold the superior level of $65. Therefore, investors may find it beneficial to spot bullish entries if the price sustains above $65.
Support– $50 and $35
Resistance – $80 and $100