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- 1 The NEO coin has retested the range neckline and witnessed profit booking in the last session.
- 2 The Bulls are attempting to initiate a rally to overtake the $20 mark.
The Neo coin (NEO) crypto’s price has glimpsed a range breakout above the neckline of $15 and displayed bullish momentum in the past sessions. The coin succeeded in moving out of range and is looking to stretch the upward move to reach the $20 mark. The price action signified the bull accumulation and a fresh rebound led to trapped sellers. Moreover, the coin price has retested the breakout region and is anticipating a bounce.
The NEO coin price has bounced from the 20-day EMA mark and has decisively climbed above the significant moving averages. Furthermore, the trend is intact, and buyers will continue to carry forward the upward move. NEO price has triggered the range breakout after a struggle of 4 months and succeeded in striking the zone. Investors are closely eyeing the $20 mark and waiting for a pullback. The NEO price has escaped the 38.2% barrier per the Fib levels.
The Neo coin (NEO) price was $16.71 at press time, with an intraday drop of 9.22%, showing neutrality on the charts. Moreover, the trading volume has increased by 53.90% to $159.41 Million. The NEO coin price has a weekly return ratio of 27.16% and 55.76% on a monthly basis. The pair of NEO/BTC is at 0.000253BTC, and the market cap is $1.19 Billion. Analysts are bullish and suggest that the NEO coin has moved out of the range and may reflect a bullish rally soon.
The NEO Price Displays Range Breakout: Can Bulls Overtake $20 Mark?
The coin has gained strength on the daily charts and is ready to lift the gains above the $20 mark soon. The trend is bullish, and buyers have persisted in accumulation for the past weeks. The derivative data suggests that the coin witnessed mild profit booking, and long unwinding movement was noted this week. Additionally, the open interest dropped to $30.69 Million and sunk over 2% in the last six sessions.
The Relative Strength Index (RSI) curve stayed in the overbought zone and witnessed a negative divergence, which impacted the coin, and profit booking was noted in the last sessions. However, the MACD indicator shows a bullish crossover and a positive outlook for the upcoming sessions.
The NEO Price Halts Near 200-day EMA Hurdle: Can Bulls Strike Above It ?
On the weekly charts, the NEO coin price sharply recovered from the lows of $6 and soared over 130% in the last three months. However, the rebound stops near the 200-day EMA, and bulls find it challenging to cross it. The follow-on buying momentum still validates, but the bulls must cross the $20 mark to skyrocket the gains further.
Summary
The Neo coin (NEO) price stays above the support zone of $15 and is looking for a significant rally soon. Moreover, the trend is intact, and the bulls try to escape the 200-day EMA hurdle to trigger a rally.
Technical Levels
Support Levels: $15 and $13
Resistance Levels:$17 and $20
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
