NEO market overview: NEO/USD leads market recovery on Friday 22 ahead of a triangle breakout
|- NEO reverses the trend to lead cryptos in recovery following Thursday brief slump.
- If this triangle breakout occurs, we can expect NEO/USD to close the week in significant gains.
Following the declines on Thursday 21, the market is experiencing a steady rise from the lows recorded. Most of the assets are in the green accept few such Ripple, IOTA and EOS. NEO is leading the recovery among the top twenty cryptocurrencies with gains exceeding 2.5% on the day. Ethereum Classic is also on an upward trajectory with gains above 2%.
The 4-hour timeframe chart shows a growing bullish momentum between the 100 SMA 4-hour support and the 50 SMA 4-hour resistance. This is in addition to a triangle pattern that is nearing a breakout. If this breakout occurs, we can expect NEO/USD to close the week in significant gains.
The bullish momentum is supported by the RSI heading north from the levels around 36.39. A revival of the upside can also be seen with the stochastic oscillator currently at 48.48. As long as the technical levels can remain positive, NEO/USD has the potential to rise above the current value at $9.26 and test the key resistance at $10.00.
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