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- NEO coin price is on a significant bullish momentum in today’s market with a 3.27% overall gain.
- The altcoin was facing downtrend in a fail attempt to cross a crucial level of $7.
On the 7-day weekly chart, NEO started at a price level of $6.50. It faced a heavy price downfall due to which the price was brought to the major support level of $6.00.
After reaching the major support level, the altcoin gradually had positive movement which helped it to broke the level of $6.50 again.
The current price is $6.63 with the market capitalization of $467,731,511 and a 24h volume traded of $419,521,053.
NEO can gain a sustainable bullish momentum in the market if it stays above the level of $7. However, it will be facing a minor resistance at the level of $6.80. If the bears came into play again, NEO will have the major support level of $6.50.
The technical 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 until it breaks the crucial level of $15.00 in the market.
The CCI is near to overbought zone which can result in bullish movement if it stays in the territory for long. However, a negative divergence from the overbought region will favor NEO bulls.
MACD levels are in the neutral zone and the buying volume is giving tough time to the selling one. It is expected that the sustainability of buying volume will help MACD levels to reach the bullish zone again.
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: $12.50 and $13.00
Support level: $10.50 and $10.00
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
