- NEO coin is now looking to claim the bullishness shown in the last trading session.
- Bulls rescue the gains and show off their muscles.
NEO price is gaining strength and attaining momentum in the last sessions. Bulls are dominating in the battle, and sellers are now in fear. Moreover, NEO showed a bounce amid the recent fall down. NEO price now indicates that it has completed the corrective phase and is moving the journey towards the reversal to attain an uptrend.
NEO price was in a consolidation phase in the past month but noted a breakdown. This downfall resulted in the price dragging towards the support mark of $9.00, the substantial demand area. Afterwards, buyers try to accumulate, but the price does not show any decisive move and remains in the range. After that, bulls showed their potential, registered the range breakout, and noted a trend reversal.
When writing, NEO trades at $10.36 with a decent nominal move of 0.43%, shown after the reversal with a bounce price sustained near the essential MA. Moreover, the breakout was established with a massive volume addition of 24% that investors are putting effort into, as shown on the charts.
Daily Candles Outlook of NEO
On the daily charts, the NEO price is noted with a reversal from the demand zone of $9.00, where a firm grip was maintained by bulls and bounced off. However, as per the price action, the price escapes above the 20-day EMA and tries to close above the 50-day EMA, which clears the intention of bulls to raise the momentum and further the rally.
NEO’s price is now on the head of its significant moving averages and trying to shine above it. Moreover, the classic double bottom pattern was formed on a chart which shows a massive upside near the trajectory swing of $15. If the price continues, the reversal rally further above the hurdle of $11.80, and then a more short covering move can be seen.
Short Term Rising Move of NEO
On the 4-hour charts, NEO showed a massive upside from the support marks and showed their aggression in front of bears. The leading indicators show a range breakout with huge volume addition.
The RSI is flying near the overbought zone, and the curve noted a positive crossover. Moreover, the MACD indicator floated green bars on the histogram with a bullish crossover.
Conclusion:
NEO’s price is on the verge of the upper band of the Bollinger band, and expecting a breakout in the upcoming sessions.
Technical Levels:
Support Levels: $9.50
Resistance Level: $11.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.