NEO price update: NEO/USD defies market sideways forces to record gains over 10%
|- NEO buyers confidence increased following the break above the 50 SMA4-hour.
- Despite the extremely overbought condition, NEO/USD technical levels remain strongly positive.
NEO/USD is the strongest single digit gainer on Thursday. The crypto has ignored the sideways forces on the market pushing cryptocurrencies into consolidation following the two-day surge. The 4-hour chart shows how NEO started building the uptrend towards the end of March. The break above the simple moving averages (both the 21 SMA and the 50 SMA) saw the buyers increase confidence and push for a correction above $10.00.
The bullish Bitcoin market on Tuesday added gasoline into the fire as the buyers took their positions pushing NEO/USD past the 61.8% Fib retracement level 4-hour at $12.00. Further moves to the north hit a snag at the seller concentration zone marginally above $14.00. A slide followed resulting in declines below $12.50. However, the bulls found balance at the resistance turned support mentioned (61.8% Fib level).
At the moment, NEO is already making headway above $13.00 and could soon clear the sellers’ congestion zone around $14.00. Despite the extremely overbought condition, NEO/USD technical levels remain strongly positive. The MACD 4-hour continues to scale higher in the positive region while at +0.8563. The slow stochastic in the same range is just about to reenter the overbought. It is clear that the path with least hurdles is to the upside and after NEO/USD clears $14.00 congestion zone, $15.00 level will be well within reach.
NEO/USD 4-hour
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