- The prevailing trend is strongly bullish marking the return of the bulls.
- Swisscom Blockchain announces the launch of the first part of SeraphID.
NEO is the biggest daily gainer on Tuesday despite the bearish cloud hovering across the crypto space. With gains in excess of 3%, the price has come out of the falling channel resistance. A move that is expected to give it a push above key levels starting with $12.00.
Meanwhile, the buyers are battling with the resistance at the 50 Simple Moving Average. A break above this level will launch NEO in a path of breaching more barriers. The prevailing trend is strongly bullish marking the return of the bulls.
Technical levels by indicators like the Relative Strength Index (RSI) points towards stronger momentum in the near-term. The RSI recovered from the oversold regions reached on July 22 and July 23 to the ranging movement at 54. If the signal moves towards the overbought territory, it will be an indicator of increased buying power and positions.
On the downside, weak support has been established at $11.00 but the primary support lies in the zone around $10.00.
The news by Swisscom Blockchain is finally catching up with the recovery NEP price. The blockchain company announced the launch of the first part of SeraphID. It is an independent protocol built on NEO blockchain. The development of the protocol is still in progress but Swisscom Blockchain has allowed users and developers to interact with it.
Read more: SeraphID launched on NEO blockchain; NEO/USD recovers from losses
NEO/USD 1-h chart
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