NEO Rebounds 17% in less than an hour: All eyes on $13
|- Technicals are intact for a continued movement north.
- NEO’s ability to form support above $12 will safeguard the path towards $20.00.
The market is back in the green again, however, we cannot say if this current move adds to the many price swings we have been witnessing this week. NEO is the biggest double-digit gainer on Thursday during the US trading session. The digital asset has corrected significantly adding 17% to its value in less than an hour.
The hourly chart shows NEO having found support at $9.72 in the recent slump. Correction from this area reclaimed the position above $10 before breaking past the resistance at the descending trendline. However, it is the break above the 50 Simple Moving Average that gave NEO the push above $12.00.
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At press time, NEO is exchanging hands at $12.78 with all eyes glued on $13. Technicals are intact for a continued movement north. The Moving Average Convergence Divergence (MACD) signals growing momentum with the increasing divergence. Meanwhile, the Relative Strength Index (RSI) is entering the oversold suggesting that buyers will continue to gain traction in the near-term.
For the first time this week NEO price is trading above the 50 Simple Moving Average (SMA) 1-h and the 100 SMA 1-h. The correction above $13 is needed for the buyers to focus on the $14 supply area. Besides support above $12 will safeguard the path towards $20.00. Other key support levels to look out for include the 50 SMA 1-h marginally below $11.00, $10.00 and $9.72 (recent lows).
NEO/USD 1-h chart
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