NEO Technical Analysis: Will Bulls Give a 30% Breakout Rally?
Key technical points:
Past Performance of NEO
The NEO coin price shows a sudden growth in buying pressure near the weak support level of $19. The rally breaks above the psychological mark of $20 and the 50-day EMA with a 20% jump last week resulting in a rally to the resistance trendline. However, the rally struggles to surpass the sellers-driven trendline evident by the higher price rejection wicks formed in the daily candles.
Source-Tradingview
NEO Technical Analysis
NEO coin price shows a high probability of a bearish reversal to the $19 mark as the higher price rejection is significantly evident. However, the bullish momentum is significantly higher than the previous attempt teasing a breakout possibility.
The crucial EMAs (50, 100, and 200) defend the bearish alignment as the bulls outperform the 50-day EMA and head higher to the 100-day EMA. The struggle to sustain above the 50-day EMA continues but the breakout of the 100-day EMA can result in a 20% price jump.
RSI Indicator: The RSI slope shows a bullish divergence in the past two peaks at the resistance trendline increasing the possibility of the trendline breakout. Furthermore, the RSI slope continues to surge in the nearly overbought zone reflecting growth in buying pressure.
MACD Indicator: The MACD and signal lines show a growing bullish spread while maintaining the uptrend in the daily chart. Hence, the indicator projects a boom in buying pressure and teases the breakout possibility.
In a nutshell, the NEO technical analysis shows a bullish bias and increases hope among buyers for a bullish breakout.
Upcoming Trend
NEO coin price can find a boom in buying pressure with the trendline breakout which may result in a 30% price jump to the 200-day EMA at $30. However, the price action confirmation will provide the necessary edge for bullish traders to enter.
On the opposite end, a reversal will lead to the $19 mark and account for a price fall of 15%.
Support Levels: $21 and $19
Resistance Levels: $25 and $30
