NEO Price Analysis: NEO/USD leads bullish action after breaking descending channel resistance
- NEO lifts off support at $10.00, aiming for additional gains towards $12.00 and $13.00 resistance zones.
- NEO/USD finally in the hands of the bulls as observed with the RSI's upward action to the midline.
NEO is the biggest single-digit gainer on Monday, following a widespread bullish wave that is sweeping across the market. NEO/USD has advanced higher by more than 4%, significantly higher compared to Bitcoin’s 1.39% and Ethereum’s 2.77%. After trading an intraday high of $10.76, the price has adjusted to $10.67.
In addition to the breakout, NEO has stepped above two vital moving averages. The 50-day SMA is holding the ground at $10.60 while the 100-day SMA at $8.99. NEO has also broken above the descending channel. The target to the upside is to trade past $12.00 as well as $130.00 seller congestion zones.
From a technical point of view, the price is in the hands of the bulls. This means that NEO is poised to sustain movement towards the aforementioned $12.00 and $13.00 levels. The RSI has bounced off support at 44 and is now position at the midline. Further movement upwards could encourage more buying options from the bullish camps. Declines are very unlikely in the European session as emphasized by the MACD, currently at the mean line (0.00).
NEO/USD daily chart
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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
