- Neo price has successfully broken out of the consolidation phase over the daily price chart.
- NEO crypto has received above 20 and 50 EMA and is trying to gain towards 100 and 200-days Daily Moving Average.
- The pair of NEO/BTC is at 0.0004921 BTC with an intraday drop of 0.61%.
The dramatic patterns on the daily price chart are what are driving the neo price. The token initially turned into a wedge that was dropping and then it broke toward the lower levels. The token then succeeds in getting away from the collapsing wedge above the daily chart. NEO coin is locked in the consolidation period over the chart after escaping the collapsing wedge. After breaking out of the falling pattern, the price action of the NEO coin is observed consolidating. The gigantic cryptocurrency Bitcoin has now recovered to a level of $23000, and other cryptocurrencies like NEO have also started their own recovery processes, therefore the token is still bullish.
Neo’s estimated price is $11.87 at the moment, and in the previous day, its market capitalization increased by 3.93%. The intraday trading session saw a small 6.71% increase in trade volume. This demonstrates that NEO is in its recovery phase. At the moment, NEO is gaining support from buyers and is booming with a clear uptrend momentum. Volume to market cap ratio is 0.04862.
The price of NEO coin has successfully risen above the consolidation phase and is now attempting to hold near the consolidation phase. To maintain its value at the current level, the token must continue to draw purchasers. In the meantime, the volume change is below normal and must increase to support NEO. The market value of NEO cryptocurrency increased by 15% as a result of its recovery above the 20 and 50 EMA on a daily chart. NEO’s price has been stabilising between $7.82 and $10.35.
What do Technical Indicators suggest about NEO?
The NEO coin is attempting to hold at its present price in order to exit the consolidation phase. To avoid getting caught inside the range once more, the token must effectively sustain the present rising momentum throughout the trading session. The daily price chart’s technical indicators point to the NEO coin’s strong ascent.
Relative Strength Index showcases the uptrend momentum of NEO coin. RSI is at 63 and is heading towards the overbought territory. MACD exhibits the bullish momentum of the NEO coin. The MACD line is ahead of the signal line after a positive crossover.
Conclusion
The dramatic patterns on the daily price chart are what are driving the neo price. The token initially turned into a wedge that was dropping and then it broke toward the lower levels. The token then succeeds in getting away from the collapsing wedge above the daily chart. NEO coin is locked in the consolidation period over the chart after escaping the collapsing wedge. After breaking out of the falling pattern, the price action of the NEO coin is observed consolidating. In the meantime, the volume change is below normal and must increase to support NEO. The daily price chart’s technical indicators point to the NEO coin’s strong ascent. The MACD line is ahead of the signal line after a positive crossover.
Technical Levels
Support Levels: $10.50 and $8.85
Resistance Levels: $12.00 and $13.40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
