NEO Technical Analysis: Ascending Trendline Attempts $13 Breakout
Table of contents
Key technical points:
Past Performance of NEO
After the extreme selling observed in early May, NEO prices tumbled beneath the psychological mark of $10 to take support at $8. After that, the buyers overtook the control of the crucial support and started a relief rally resulting in the generation of a support trendline. Moreover, with overhead resistance at $13.28, the trendline forms an ascending triangle pattern and opposes bullish growth.
Source- Tradingview
NEO Technical Analysis
The presently forming NEO daily candle faces higher price rejection from the $13.28 overhead resistance despite increasing buying pressure. Therefore, traders can expect a further continuation within the triangle as the sellers above $13 delay the breakout rally. The DMI indicator shows the DI lines diverging to regain the bullish alignment with a slight reversal in the ADX line. The reversal and the bullish alignment represent a recharged bullish momentum.
The MACD and signal lines continue moving higher as they approach the zero line after the recent bullish crossover. The growing bullish histograms indicate improved conditions of the underlying sentiments. Furthermore, the RSI indicator shows a bullish rally crossing above the 14-day SMA line (yellow) to approach the halfway line. In a nutshell, the indicators display a rise in demand for NEO tokens, which could push the market value above $13.
Upcoming Trend
Suppose the extended buying above $13 continues, and the breakout rally will drive the NEO prices to the $16.5 mark, accounting for a 25% price jump.
Resistance Levels: $13.28 and $16.50
Support Levels: $10.50 and $8.500