NEO Chart Analysis: NEO/USD explodes towards $12
|- NEO price breaks out 6.19% on the day, testing the resistance at $12.00.
- NEO/USD is poised for more upward action as long as buyers can put $12.00 in the rearview.
NEO is the biggest single-digit gainer on the day after extending the gains from $10.91 (opening value) to $11.63. On the upside, an intraday high has been reached at $11.80 although the aim was to break the hurdle at $12.00. The rest of the cryptocurrency market is in the green, for instance, Ethereum is up 6.19% on the day and trading at $239 while Bitcoin is up 1.2% to trade at $9,560.
The daily chart shows NEO trading above the two key moving averages as well as the ascending trendline. The gap between the 50-day SMA and the 200-day SMA is narrowing in support of a strengthening bullish grip.
Slightly above the current market value, there is the first and key resistance at $12.00. Since last week, the main goal has been to break above $12 and extend the price action to the highest level in February; $16.73. From a technical point of view, the RSI and the MACD put emphasis on the bullish pressure. In the event of a reversal from the intraday high, support is expected at $10.00, the trendline, both of the moving averages and oat $8.00.
Read also: Cryptocurrency Market News: Bitcoin price unstoppable to $10,000 even as S&P 500 markets recover
NEO/USD daily chart
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