NEO Price Analysis: NEO forms a double top but the bullish sentiment persists


  • NEO price formed a double top on the daily chart, but overall sentiment remains bullish.
  • NEO is currently trading at $22.058, as selling pressure doesn’t seem to be affecting the price just yet.

NEO established the 2020-high on August 30 at $22.9. Around two weeks later, the digital asset managed to touch $22.53 and pulled back, forming what is known as a double top, a bearish pattern. 

NEO/USD daily chart

NEO price

While NEO price did form a double top on the daily chart, bears didn’t really get any significant continuation moves. NEO did pullback towards $20.94 but quickly recovered, and it’s now trading at $22 again. The absolute resistance level is clearly set at $22.9. If the bulls can crack this level, they will invalidate the double top and continue with the daily uptrend.

On the other hand, if NEO price attempts to break $22.9 and fails, bears could get the upper hand, but they would need a notable continuation move down to $20 to confirm it. The RSI has been overextended for the entirety of August, and it’s now at 62.51, indicating that a correction might be needed. 

NEO/USD 4-hour chart

neo price

On the 4-hour chart, however, bulls are in full control, establishing a clear uptrend for NEO. The last low is down at $19.24, which means anything above this level should be considered a higher low and a possible continuation of the uptrend. 

On the other hand, the TD sequential seems to be on the verge of creating a sell signal on the 4-hour chart, but this doesn’t mean the uptrend will be lost. It’s also important to note that the entire cryptocurrency market is quite bullish again, with Bitcoin nearing $11,000. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP getting ready for a 50% upswing as consolidation hits the elastic limit

Ripple’s overhead barriers are still in place, as highlighted on the 4-hour chart. The seller congestion at $0.3 is an uphill battle, so is the 50 Simple Moving Average. 

More Ripple News

ADA technical and on-chain levels confirm a 60% explosion to $0.6

Cardano recently confirmed a breakout in away validating the 900% upswing prediction we discussed last week. Several hurdles have been shattered at the time of writing, including $0.3 and $0.35, adding credence to the potential breakout to $0.6.

More Cardano News

Yearn.Finance brushes shoulders with $40,000 overshadowing Bitcoin’s $36,000

Yearn.Finance has consistently recovered from the recent dip to $25,000. The price drop was not unique to the decentralized finance (DeFi) token but affected the entire cryptocurrency space. 

More Yearn.finance News

LINK squabbles under heavy selling pressure, downswing targets $16

Chainlink is up 10% in the last 24 hours and a whopping 52% in the previous seven days. After breaking above $20, LINK soared to a new record high at near $24. Meanwhile, the uptrend seems to have hit the ultimate point, as selling pressure finds its way back into the market.

More Chainlink News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast

BTC

ETH

XRP