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- Neo, at the time of penning down this analysis, was trading above $10 at $11.18 after marking an intraday low at $10.7 in the initial trading hours on May 9, 2020
- A quick rebound helped NEO/USD gain 4.4% in the intraday with massive volatility as projected by the 20-day Bollinger Bands
- The pair retains steady support from the 50-day and 200-day MA after a steep rise yesterday from the trading price of $9.85 to $11.90 marking a regression of over 20% in less than 24 hours in Friday’s trading session before the closing
- After almost 8 days of price accumulation, NEO coin experienced a price rally amidst the highly volatile market
- The technicals are drawing a bullish divergence as the coin rebounds in the intraday to trade above $11 again
NEO Price Analysis
On the basis of a 2-hourly chart of NEO price predictions, NEO is drawing a steep rise as it hits a 2-month long resistance above $10 and $11. After the gradual rise from $9.05, the coin gained steady support from 50-day and 200-day MA. However, due to Bitcoin halving standing around the corner, BTC is very volatile and is likely to influence the major alts of the global crypto market as well.
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The major support for the current price of Neo coin to watch out for lies at $9.85—from where the price experienced a steep growth yesterday, and the immediate support lies at $10.5 and $10. While the major resistance lies at $11.99 and $12.
Technical Indicators
The MACD of Neo appears completely bullish due to intraday price soar over the weekend and has successfully crossed above the signal. With a quick rebound above $11 from $10.7, today, it saved the coin from a bearish divergence.
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The RSI of the coin is hitting at 68.85 and has slipped below the overbought zone due to a slight turn from $11.9.
