NEO Price Forecast: NEO/USD explodes 5% in a Bitcoin consolidation market
- NEO leads the altcoins in recovery as Bitcoin lies in consolidation above $9,200.
- NEO/USD has the potential to overcome the resistance at $12.00 as depicted by the technical picture.
NEO is arguably the most-improved cryptocurrency in the cryptocurrency market. In spite of the consolidation witnessed among major cryptoassets such as Bitcoin and Ethereum, NEO/USD is up a whopping 5% on Wednesday. From the opening value at $10.86, NEO has hit an intraday high of $11.39. The price has, however, adjusted to $11.31 (prevailing market value).
On the other hand, Bitcoin has remained lethargic in its trading. On the upside, $9,300 has become a critical resistance zone. On the downside, support lies at $9,200 except on Tuesday when Bitcoin dived briefly towards the $9,050 support. At the moment, Bitcoin is trading at $9,240 amid the prevailing bearish picture.
NEO technical analysis
NEO’s gains come after a breakout above the 50-day EMA. The 50% Fibonacci level also aided in providing support for the incredible price action. NEO bulls are looking forward to overcoming the hurdle anticipated at $12.00.
The bullish momentum is supported by the RSI and the MACD. The RSI is moving north following a bounce off the average line. Similarly, the MACD is holding above the midline while featuring a bullish divergence in support of the gains accrued on the day.
For now, buyers would remain in control but in the event, a reversal ensues NEO will seek support above the 50 EMA, a key ascending trendline and the main buyer congestion zone at $9.00.
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
