NEO Price Analysis: NEO/USD rallies 5% towards the $10 bullseye
- NEO price rallies above $8.00 after breaking above the 50-day SMA.
- Following the crash in mid-March, NEO/USD has sustained recovery within an ascending channel.
NEO is in the driver seat of the recovery in the cryptocurrency wagon on Friday. The cryptoasset has accrued more than 5% in gains on the day after advancing from the opening value of $7.89. On the upside, an intraday high has been achieved at $8.28, marking the end of the intraday bullish action.
Looking back, NEO/USD sustained an uptrend within an ascending channel since the crash in mid-March to $4.00. The brief rally on Thursday occurred after a break above the 50-day SMA. According to the technical picture, NEO has the potential to move higher towards the ascending channel resistance. It is apparent that a break above this resistance would tackle the hurdle at 200-day SMA in readiness for the most-awaited attack on the critical $10.00 level.
Meanwhile, the RSI supports the bulls with the movement towards the overbought. Besides, there is still enough room for growth before hitting overbought conditions. On the other hand, the MACD that if further movement towards $10 fails to materials, then a sideways trading action is likely to take over while defending support at $8.00.
NEO/USD daily chart
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
