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- NEO token price boosted more than 65% in the last two weeks and coils up to head higher
- The coin price is trading above all major EMAs with a breakout in the weekly timeframe.
- The NEO/BTC pair is trading at 0.001994, with negligible intraday growth of 0.5%
NEO token price increased more than 65% to create the new 52 weeks high of $140. The large-bodied green candlestick led to the breakout of the flag pattern, in the weekly timeframe. The coin price is moving up with higher highs, increasing the possibility of hitting the $170 mark. The increased buying volume with long-bodied candlesticks does imply that bulls are more powerful. The live NEO price today is $116.16 with a 24-hour trading volume of $1,532,918,417. It is up 0.64% in the last 24 hours. As per market cap, the coin ranks at #25, with a live market cap of $8,193,784,375
Ascending triangle coils up the price before move
NEO token has been rising higher in almost a straight path, in the weekly timeframe.
The coin price is moving inside an ascending triangle, in the daily timeframe, ready to move higher. The volumes are decent but not decisive leading to Doji candlesticks formation. According to the pivot points, the coin might face resistance near $150 and $170. And on the downside of the chart, the levels of $92 and $60 provide support. Investors may want to wait till a breakout is observed.
As per the daily timeframe, the coin price is trading above the major 50 (yellow) and 200 (white) EMA, which indicates an uptrend. Also, the upward moving slope does support the bullish sentiment. However, the coin price is trading close to 20 (red) EMA, implying some underlying bearishness, if it is breached.
The RSI (bearish) indicates bearish momentum while trading at 68. The RSI line can be expected to rebound soon and fall.
The ADX indicates a slow-moving trend momentum as the price resonates in the triangle. It is trading at 50 while the slope in ADX is moving sideways.
Conclusion – NEO token price inside the ascending triangle is expected to break out soon. Investors may find this as a great opportunity to ride the trend after the retest of the pullback. Investors must also be careful about the possibility of the fallout which might result in a 15-20% downfall.
Support- $92 and $60
Resistance-$150 and $17
