NEO price update: NEO/USD nurtures the uptrend following the breakout
- NEO bulls try to defend $13.00 support after the rejection at $13.50.
- The ascending channel support will come in handy if declines trim gains towards the $12 support area.
NEO was supper bullish on Wednesday adding more than 10% to its value. The crypto approached $13.50 but stalled at $13.44. The consistent uptrend began over the last weekend and followed a slump in price witnessed on Friday.
NEO continues to stir action north within an ascending channel. Besides, a retreat from yesterday’s breakout is likely to bounce back up from the channel support. NEO/USD is flirting with $13.00 above the 50 SMA on the 1-hour chart currently at $12.41.
If NEO breaks the channel resistance, it is likely to find support at $12, the 100 SMA at $11.71 and $10.50. The retreat is supported by the RSI’s movement from the overbought toward the average at 50. On the brighter side, as long as the gap between the SMA 50 and SMA 100 keeps widening, Bitcoin bulls’ grip will stay intact through the coming sessions before the weekend.
NEO/USD 1-hour chart
-637093029016819882.png)
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
