- NEO averts bear pressure; defends $11.00 support.
- NEO/USD surge to weekly highs; likely to stay within a higher range between $14.00 and $13.00.
NEO has finally made the much-awaited break above $13.50, although facing resistance under $14.00. The crypto market has corrected the trade seen at the end last week to finish the trading above the levels seen last week.
Assets like NEO averted the bear momentum on Saturday and Sunday last week by defending key support levels. For instance, NEO/USD stayed above $11.00 (support congestion zone). This allowed the bulls to gain more confidence in the recovery as the price hit levels above $11.50 and stepped above the moving averages; both the 50 Simple Moving Average (SMA) 1-h and the 100 SMA 1-h. A stronger bullish momentum emanated following this breakout giving the price a push past $12.50.
NEO Price Analysis – NEO/USD 1-hour chart
While Bitcoin rejection from key resistance at $8,300 sent it tumbling towards $8,000 on Thursday, NEO extended the gains above $13.00 hurdle. New weekly highs were formed at $13.65 (on Coinbase). Slightly lower correction from the intraday high tested $13.00. This move was important as at press time, fresh interest is growing for NEO token.
A line connecting the lower levels made by the movement of the Relative Strength Index (RSI) suggest that the current bullish moment has good strength. The Indicator at 65.93% ranging trend after retreating from the levels above 70 shows that the bulls are still in charge despite the correction from the highs achieved today.
Moreover, the widening gap made by the 50 SMA 1-h above the longer term 100 SMA 1-h indicates strength in the bullish momentum. Technically, NEO is likely to remain above $13.00 short-term support, although $14.00 will limit the movement north in the coming sessions today.
NEO Key Technical Indicators
50 SMA 1-hour: $12.64
100 SMA 1-hour: $12.31
RSI: Upward slope suggest stronger bullish momentum
Key Support Areas: $13.00, $12.00 and $11.00.
Hurdles: $13.5, $14.00 and $20.00.