NEO market update: NEO/USD follows in the footsteps of IOTA; Surging 5% on Monday
|- NEO recently found support at $9.4 amid the rising volatility on the market.
- Bullish movement up pulled the crypto above $10.00 handle and formed a high at $10.37.
NEO/USD has kicked off the new week with incredible gains. The market, on the other hand, is sending mixed messages where some assets like IOTA are ballistic with gains in the excess of 10% while Bitcoin Cash value has gone down 3%, EOS is trending 1% in the negative while Litecoin and Ethereum are trading 0.44% and 0.45% lower on the day.
NEO recently found support at $9.4 amid the rising volatility on the market. April has been an interesting month for NEO; first, it surged to highs just above $14.00, fought to stay above $13.00 but gave in to the bear pressure. The recent weeks have seen NEO slash off chunks of gains recorded in the first week of April to the extent it dipped under $10.00.
However, as mentioned, the price found support at $9.40 on April 26 and the buyers started to push for a correction north. A break occurred above the 100 simple moving average (SMA) over the weekend encouraged the bulls to increase their positions. However, attempts to zoom above $10.00 proved futile as NEO/USD dipped to the level around $9.60.
From this support, NEO started rising again on Monday, initial breaking past both the 50 SMA and the 100 SMA before successfully tackling the resistance at the falling trendline. Further movement up pulled the crypto above $10.00 handle and formed a high at $10.37. NEO upside is capped below $10.40 while it has retraced to $10.05. The technical levels are still positive which means that we could see another reversal that could retrace to $10.50 in the coming sessions.
NEO/USD 1-hour chart
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