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NEO Technical Analysis: Buyers Plan To Outgrow The Sideways Range 

Analytics

cryptoknowmics.com 08 July 2022 14:50, UTC
  
Reading time: ~2 m

NEO price showcase a  double bottom pattern forming within a consolidation range with an intent to give a bullish breakout. Key technical points: 

  • The market prices have jumped by 5.46% in the last 24 hours.
  • The price action shows a double bottom reversal attempt in the daily chart.
  • The 24-hour trading volume of NEO is $62 Million, indicating a rise of 130%.

Past Performance of NEO

The NEO price action shows a sideways trend within a consolidation range after the fall of the psychological mark at $10.  The consolidation range kept the movement trapped between $8 and $10 for the past month. However, the improving market condition increases the bullish influence on the consolidation range evident by the double bottom formation. TradingView Chart Source- Tradingview

NEO Technical Analysis 

The overhead resistance of the consolidation range at dollar 10:00 access the neckline of the double bottom pattern. Hence, the NEO prices must surpass the psychological mark to start a fresh bull run. The fast and slow lines in the MACD indicator showcase a sideways trend slightly below the zero line. The lines maintain a bullish alignment temporarily, indicating a bull cycle in motion, increasing the likelihood of a breakout. The RSI indicator shows a phenomenal increase in the underlying bullishness as the slope takes a rounding reversal to surpass the 14-day average line. However, the slope struggles to beat the Halfway line resulting in a minor setback as the daily candle shows higher price rejection. In short, the NEO technical analysis highlights a potential increase in bullish sentiments ready to overtake trend control.

Upcoming Trend

If the NEO prices surpass the $10 neckline, its market value will skyrocket and likely jump 30% to reach the $13 mark. Conversely, the bullish failure will lead to further sideways continuation with a 20% drop to test $8. Resistance Levels:  $10 and $13 Support Levels: $8 and $6


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