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- NEO price is trending upward against the USDT pair.
- The conceptual round level of $10 is observed as the next resistance level.
- The MACD indicator has left the negative zone, and the histogram continues to extend higher.
During the recent bitcoin boom, the crypto market performed well for short-term investments. Thus according to the ongoing trend the price of Neo is witnessing an uptick. Meanwhile, the NEO token is trading at $7.58 against the USDT pair, as of press time.
The price action of NEO crypto shows a higher-higher and higher-low trend on the daily price chart. Buyers are aggressively accumulating the given cryptocurrency and buying on the dip. This unstoppable bullish trend is moving towards the crucial rescue zone at $10 to record a remarkable bullish rally.
Overall crypto market capitalization exceeded $970 billion as of January 14. Meanwhile, the market capitalization of NEO stands at $529.7 million with an intraday gain of 3.24%. The collapse of FTX over the past few days caused huge losses for buyers and saw them hit a 52-week low of $5.94 on December 30. Later, the cryptocurrency market is turning positive after falling below.
The $5.9 to $6.0 area has turned as a support level for the bulls. On the other hand, $9.0 appears to be an upcoming bullish hurdle before the conceptual round level of $10. Specifically, in terms of the weekly price chart, NEO is forming a double bottom formation, which could lead to an upcoming rally.
Technical Indicators Show Positive Trend
In terms of the daily price scale, the RSI indicator remains at 74, which is hovering in the overbought zone. At the same time, the ADX supports a bullish trend as its peak forms a higher-low. Additionally, the MACD indicator left the negative zone, and the histogram continued to extend higher.
Conclusion
NEO coin against USDT executes buyer orders. However, buyers have placed buy orders at each financial level. As of now, the bulls will have to take the asset above the $8.0 resistance level as soon as possible.
Support level – 7.0 and $6.0
Resistance level – $9.0 and $10
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.