- 1 NEO coin trades beyond the resistance mark of $10.
- 2 NEO price is heading to retest the hurdle of $15.
NEO price surpassed the prompt hurdle of $10 and witnessed buying momentum in the past few sessions. NEO coin entered the bullish region and decisively escaped the key moving averages. Furthermore, the price action highlights the buyers’ accumulation, and a pullback from the 20-day EMA was noted on the charts.
NEO price was revamped from the bottom mark of $6, and a trend reversal was witnessed in recent sessions. Given the ongoing recovery, it is anticipated that the NEO coin has attained strength and has the potential to reach $15 soon. Nonetheless, the NEO price was retraced from the $15 mark, and the 20-day EMA was retested. However, the sellers could not pull off a strong move and the price pulled back eventually.
At press time, NEO price is $12.31 with an intraday gain of 7.98%, showing a bounce on the charts. Moreover, the trading volume increased by 5.91% to $120.51 Million. However, the pair of NEO/BTC is at 0.000312 BTC, and the market cap is $867.19 Million. Analysts have maintained a neutral rating and suggest that NEO coin will outperform in the following sessions.
NEO Price Heading to Claim $15 on Daily Chart
Source: NEO Price Chart By TradingView
On the daily chart, NEO price corrected from the lows of $6 and recovered over 110% in recent weeks, revealing the buyers’ accumulation. Additionally, the coin has absorbed the selloff and is ready to glimpse bullishness. NEO coin is approaching the 50% Fibonacci retracement zone and has now exceeded the mid-bollinger band.
The RSI curve stayed above neutrality near 60, showing a negative divergence, revealing a retracement move, halting the gains over the last few sessions.
The MACD indicator shows a convergence of the MA line with the signal line, showing that the red bars are over and buyers are trying to dominate once again.
Weekly Charts Displays Double Bottom Formation
Source: NEO Price Chart By TradingView
On the weekly chart, the NEO coin formed a double bottom pattern and has bounced from the demand zone of $6. NEO price is now trying to escape the 100-day EMA mark and is willing to break out beyond the neckline of $15.
The price action demonstrated that buyers were gaining traction and were aggressive over the past few sessions.
Summary
Neo price exceeded the resistance mark of $10 and displayed a double bottom formation anticipating an outperformance in the following sessions. The technicals indicate a reversal. Further short covering rally will be seen, and the NEO coin will soon cross the supply zone of $15.
Technical Levels
Support Levels: $10 and $8
Resistance Levels: $15 and $17
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Amanda Shinoy
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
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