Neo technical analysis: NEO/USD bulls charge towards $18
- NEO/USD went up from $16.87 to $17.93 this Monday, charting a 6.82% increase in price.
- The last time NEO/USD traded in this zone was in October 2018.
NEO/USD daily chart
Following this Sunday’s bearish movement, the bulls roared back this Monday. Over the day, NEO/USD went up from $16.87 to $17.93, charting a 6.82% increase in price. The bulls need to get past resistance levels at $18, $18.25 and $18.50 to keep continue with the upward movement.
The price has found support on the upwards trending line and is trending above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows that the signal line is diverging away from the MACD line, indicating higher bullish momentum.
NEO/USD 4-hour chart
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The four latest sessions of the 4-hour NEO/USD chart is consolidating in a flag formation, getting primed for a breakout. The latest session broke past resistance at $17.85. The market is trending above the SMA 200, SMA 50 and SMA 20 curves and the green Ichimoku cloud. The upcoming market sentiment is bearish, as indicated by the red Ichimoku cloud. The relative strength index (RSI) indicator is trending around 68.75, right next to the overbought zone.
NEO/USD hourly chart
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The hourly NEO/USD market has had a bullish breakout from the flag formation. Within the flag, the SMA 20 has crossed over the SMA 50 curve, which is a bullish sign. The market has found support on the SMA 20 and SMA 50 curves and is trending comfortably above the SMA 200 curve. The 20-day Bollinger band’s jaw has narrowed, indicating decreasing market volatility. The Elliot oscillator has had two straight bullish sessions following six consecutive bearish sessions.
Key Levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
