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- NEO, at the time of writing this analysis, was trading at $11.12 after giving a fresh 30-day high at $12.34
- The current trend of NEO against USD seems to be a prototype of a cumulative trend over the past 6 months as it recently hits the major resistance at $12
- Unlike a few other altcoins, NEO/USD retains support from the daily moving averages and is expected to beat even higher
- The current trend does not project any unwelcome volatility in the upcoming days as the 20-day Bollinger Bands exhibit
- The coin gains back the pace after testing support at $10.1 in the past week
NEO shows an impressive move as it forms a semi-circular trend and seems to be all set to hit above the given resistance and 30-day high at $12.34. They retained support is likely to help the coin from further breakdown as the volatility also subsides.
NEO Price Analysis:
Based on the NEO price prediction chart mentioned above, we can derive the following conclusion.
The analysis is rightly divided into two parts as we see a similar type of prototype trend forming when we closely look into the above 4-hourly chart. NEO has constantly been making attempts as it hit above all the previously formed resistances at $10.2, $11.8 and $12.3 to again face a temporary fall at $10.1. However, with gained momentum and retained support, the price of Neo is trading at $11.07.
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The 20-day Bollinger Bands laid to have a moderate width and do not project major volatile trading days ahead. The 10-day and 50-day daily moving average lie within the Bollinger Band range while the 200-day moving average is moving adjacent to the lower 20-day Bollinger Band.
Resonating the current with a cumulative trend over the past 6 months, we see that the coin readily hit a fresh 30-day high after a despairing previous month. Analyzing the trend over the past 6 months, NEO price took a steep rise as it rose from the trading price of $6.9 to $13.47, forming a double top in the bygone year followed by a similar bowl trend.
Combining the two, we see that the coin has a widened trend forming as it rises from the utter bottom in a semicircular shaped motion.
The technical Indicators laid confirm the bullish move. Yet we see a slight ‘‘death crossover’’ due to the intraday change as the MACD line of NEO gets overridden by the signal line.
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The RSI of the coin is at 59.06, and we do not foresee any trading extremities at present.
