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- NEO price rises above its latest yearly low.
- Today the bulls are effectively pushing the NEO price above the 20 day EMA.
- The trading volume has decreased by 23% in the last 24 hours, which is reported at $20.7 million.
NEO coin follows the same price trend as Bitcoin in November. NEO crypto is stabilizing its foot above the previous swing low so that buyers can book more decent profits. The crypto market is getting ready to take-off and the price of bitcoin has skyrocketed.
According to the Fibonacci retracement, the price of NEO crypto takes support at the level of 0.618. At the same level as the $6.0 mark, buyers placed buy orders. If the crypto price breaks below this low, then the 0.785 level ($5.5 mark) could act as a trend changing point.
At press time, NEO coin trades at $7.01 mark against the USDT pair. Crypto is trading green today by 2.18%, resulting in market capitalization increasing 3.11% in the last 24 hours, reported at $494.7 Million. Price nature forms higher-lows formation in lower time frames and this price pattern drives 8.5% rally this week after three weeks constant downtrend.
Speculators saw less volatility this week, thus, the trading volume decreased by 23% in the last 24 hours, which was reported at $20.7 million. Meanwhile, today the bulls are effectively pushing the NEO price above the 20-day EMA. Now 50 DMA is left as the next resistance area.
The daily RSI is slowly moving towards the 50 mark, this volatility zone will set a sideways trend. Finally, the MACD showed a bullish crossover into the negative zone.
Conclusion
NEO coin tries to overcome the range bound market. After a long run, buyers successfully kept the cryptocurrency above the 20-day moving average on the daily price scale. Traditional indicators like RSI and MACD favor the bulls amid the recovery.
Support level – $6.0 and $5.50
Resistance level – $10 and $12.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
