NEO price analysis: Breaks triangle resistance; can bulls sustain gains above $18.00?
|- NEO revamps the trend amid zero activity trend in the market spiking 4% on the day.
- A sustained break above $18.00 could see NEO/USD retrace towards $20.00.
The market activity is subtle on Thursday following the ongoing consolidation. NEO is among the few coins that are flying the bullish flag up high defying the general trend. NEO/USD is up 4% on a daily basis after opening the session at $17.18. NEO has traded highs of $18.06, although it is exchanging hands at $17.88.
The bullish trend has broken out of the triangle resistance on the hourly NEO/USD chart. Further upside movement stepped above the critical resistance at $18.00 but the 61.8% Fib level with the last upswing of $18.9 and a low of $15.51 hurdle is hindering sustained growth. Technical indicators like the RSI has revamped the trend from the range slightly above 50% into the overbought levels (79.1%). The MACD is sending bullish signals while advancing north around +0.2. The short-term 100SMA is above the 200 SMA signaling that this trend is likely to continue in the near-term.
The bulls have the upper hand at the time of press. However, they must push for gains above $18.00 for NEO to witness further growth towards the $20.00. In the meantime, NEO will find a weak support at $17.50 while the 61.8% Fib level close to $16.8 will offer stronger support. Other support areas include the 100SMA, the 200 SMA and the primary support at the swing low ($15.51).
NEO/USD 60’ chart
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