NEO Price Analysis: NEO Bulls Looks Strong To Break $7.00 Mark

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Neo coin price is on a bullish momentum in today’s market with a 2.00% overall gain. 
  • The altcoin was facing downtrend in a fail attempt to cross a crucial level of $7

    Capture
    Source: Coin360

On the 7-day weekly chart, NEO started at a price level of $5.60. It faced a heavy price downfall due to which the price was brought to the major support level of $5.00.

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After reaching the major support level, the altcoin gradually had positive movement which helped it to broke the level of $6.00 again.

The current price is $6.80 with the market capitalization of $481,731,511 and a 24h volume traded of $475,521,053.

NEO can gain a sustainable bullish momentum in the market if it stays above the level of $6. However, it will be facing a minor resistance at the level of $7.00. If the bears came into play again, NEO will have the major support level of $5.50.

Screenshot (112)
Source: Tradingview

The neo price chart reflects on the downtrend shift faced by NEO. It has now started making price recovery, which can be seen at the tip of the downtrend with green candles.

The technical indicators and oscillators suggest that the gradual positive momentum will continue for the altcoin if it breaks the crucial level of $7.00 in the market.

The CCI was in the overbought zone which can result in bearish movement but the negative divergence helped it to reach the normal region.

However, RSI is reaching a strong bullish level of 60 which indicates that NEO bulls have the full potential to build a bullish momentum from here.

Resistance level: $6.80 and $7.00
Support level: $6.00 and $5.80

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