Cryptoknowmics 2022-06-07 03:02:47

NEO Technical Analysis: Ascending Trendline Attempts $13 Breakout

NEO price action shows a bullish relief rally ready to surpass the $13 threshold with the help of an ascending trendline. Key technical points: The market value increased by 7.62% today at press time. The price action shows a high likelihood of the $13 breakout. The 24-hour trading volume of Neo is $202 Million, indicating a hike of 80%. Past Performance of NEO After the extreme selling observed in early May, NEO prices tumbled beneath the psychological mark of $10 to take support at $8. After that, the buyers overtook the control of the crucial support and started a relief rally resulting in the generation of a support trendline. Moreover, with overhead resistance at $13.28, the trendline forms an ascending triangle pattern and opposes bullish growth. Source- Tradingview NEO Technical Analysis The presently forming NEO daily candle faces higher price rejection from the $13.28 overhead resistance despite increasing buying pressure. Therefore, traders can expect a further continuation within the triangle as the sellers above $13 delay the breakout rally. The DMI indicator shows the DI lines diverging to regain the bullish alignment with a slight reversal in the ADX line. The reversal and the bullish alignment represent a recharged bullish momentum. The MACD and signal lines continue moving higher as they approach the zero line after the recent bullish crossover. The growing bullish histograms indicate improved conditions of the...

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