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Vikram
May 18, 2022
by Vikram

NEO Technical Analysis: Trend Drifts At $10, Making Bulls Uneasy

NEO
NEO prices showcase the start of a new bull cycle struggling to sustain above $10. Will bulls succumb and fail to reach the resistance trendline?

Key technical points:

  • NEO prices increased 16% last week.

  • Increased volume support for the bullish cause increases the uptrend possibility.

  • The 24-hour trading volume of Neo is $75.86 Million, indicating a 16.42% hike. 

    • Past Performance of NEO

    Reaching close to the $150 mark last year, the overbought NEO prices continue to dilute under the long-coming correction trend. After showing a consolidation between $17 and $28, the prices continue the downtrend in a falling channel fashion and breach the $10 mark. However, the support at the descending trendline brings buyers back into action and resurges the market value above $10.

    TradingView Chart

    NEO Technical Analysis 

    The bull cycle within the falling channel develops into a sideways shift as the NEO prices fail to surpass the $11 and resonate above $10. However, the increase in volume yesterday supporting the bullish jump increases the chances of lower price rejection to drive prices to $13.25.

    The negative trend in the crucial EMAs 50, 100, and 200 days continues in a bearish way due to the recent loss within the bearish pattern. In addition, the 50-day EMA is retracing its line from the 100-day EMA resulting in an increased bearish spread.

    The downward trend of the RSI slope (blue line) shifts to neutral beneath the halfway line, after crossing over that 14-day SMA. For the MACD indicator, the gradual reverse in the last line is merged into the line within the negative zone.

    Hence, the technical momentum indicators in NEO/USD chart show a weak reversal in trend, struggling to overcome the formidable sellers.

    Upcoming Trend

    Suppose the uptrend sustains above the mental support at $10; the uptrend can reach $13.25 to retest the resistance trendline. However, increasing trading volume to support the bullish fightback is a must.

    Support Levels: $10 and $8

    Resistance Levels: $11 and $13.25

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    neo NEO token
    NEO Technical Analysis: Trend Drifts At $10, Making Bulls Uneasy
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.