NEO price analysis: NEO/USD flying the bullish flag high; hikes over 5% on Monday 20
- The current bullish trend has legs at the newly established support at $10.50.
- A support at $12.00 will allow the bulls to focus on the supply zone in the short-term.
NEO is the only asset that is bringing hope to the red painted cryptocurrency market. While most of the top twenty digital assets posting devastating declines between 4% and 7%, NEO has recovered by 5.8%. The reversal comes at a time when most assets are fighting to stay afloat above the essential support areas.
The current bullish trend has legs at the newly established support at $10.50. The losses that kicked off last Friday had dipped below both the 50 Simple Moving Average (SMA) and the 100 SMA. On find the above support the price attempted to recover above the moving averages but the upside remained capped at $12.00 until the ongoing breakout sent the price in successive candlesticks to the current value at $12.32.
The crypto has tested the next resistance target at $12.50 but failed to make headway towards the key supply zone at $13.50. Meanwhile the price is above the moving average while the SSTO has entered the overbought in turn confirming the bullish pressure. At the same time, the MACD has corrected above 0.0 (mean line) and likely to continue trending higher. A support at $12.00 will allow the bulls to focus on the supply zone in the short-term.
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
