NEO Rallies 13% but Buyers Limited below $26
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Past Performance
The NEO price is stable on the last trading day. However, it is up 13 percent in the previous week versus the USDT. Technically, NEO prices are in an $8 trade range. There are clear caps at $18 on the lower end and $26 on the upper hand. At spot rates, sellers are in control from a top-down preview. Nonetheless, this could change if there is a break above the multi-week resistance trend line past $26.
NEO Technical Analysis
In the medium term, it appears as if NEO buyers have the upper hand as per the candlestick arrangement in the daily chart. The primary support is at $18 where there is a double bottom pattern. As such, there a leg up to $30 and even $54 may form if buyers convincingly clear $26---the immediate liquidation level. Since the recent rally has decent trading volumes, aggressive traders may load the dips above $20, targeting $26 and later $30. Conversely, a dump unwinding recent gains below $20 cancels the bullish preview.
What to Expect of NEO
The recent upswing towards $26 has relatively high trading volumes pointing to trader confidence. However, a solid break above the immediate liquidation level would complete the double bottom. Subsequently, this will pave the way for the next advance towards $54.