NEO market update: Investors buy the dip awaiting big new in June
|- With a price relative change of +0.188 and gains of 1.85% on the day NEO reclaimed $10.00 support.
- The reversal from the key support has placed NEO in a new uptrend within an ascending channel.
NEO is among the cryptocurrencies in the green on Wednesday following a recovery staged yesterday. NEO/USD has a relative change of +0.188 and is up 1.85% on the day. It recently found support at $9.40 in wake of the bearish pressure across the market last week. The ballistic rise at the beginning of April took Neo to highs around $14.00 before bear corrections took charge.
The reversal from the key support has placed NEO in a new uptrend within an ascending channel. In addition to that, there was a break above the month-long descending trendline resistance while supported by both the 21 simple moving average and the 50 SMA 1-hour. A break occurred above $10.00 broken support and tested $10.50 without success.
Meanwhile, NEO is trading at $10.32 while supported by the moving averages and the ascending channel. The current bullish trend is supported by the strong technical levels starting with the RSI which is currently above 70.00. The MACD in the same 1-hour sits inside the positive region to show that bulls are in charge, for now. However, a correction above the channel resistance as well as above $10.50 will place NEO in a trajectory towards April highs.
NEO/USD 1-hour
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