NEO price spikes 4% amid the growing bear pressure in the market
|- NEO becomes the strongest single-digit gainer among the top twenty.
- NEO buyers lock their eyes on $10.00 as indicators point towards increased buying activities.
NEO is among the biggest single-digit gainers in the market at the time of writing. The asset has spiked in an engulfing candle from the short-term support that had been established at $8.4. Prior to the ongoing bullish trend, NEO upside remained capped at $9.2.
The buyers are intent on testing $10.00 in the short-term, although NEO/USD is trading at $9.2. Besides, it is supported by the 60’ 100-day Simple Moving Average (SMA) marginally above $8.5. From the beginning of the year, NEO buyers have been in control. However, the price was stuck in a bear range between a high of $8.2 and a low of $7.6. The bullish momentum on Monday corrected above $9.0 but failed to maintain growth leading to a correction that tested the support at $8.4.
At press time, NEO buyers have their eyes locked on $10.00. However, they must first clear the resistance at $9.2. The 50 SMA is above the 100 SMA, which means that NEO will likely move above towards $9.5 within today’s session. Other indicators like the stochastic are heading north to signify the bullish move. If a reversal occurs and the price butchers the support at $8.4, the 100 SMA will offer more support while stronger support exists at $7.6.
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