- NEO bulls pare back with a boom as they hit highs above $13.00.
- $11.00 is establishing as short-term support but the trend is mostly bullish.
NEO has kicked off the week with a shot for the moon. Even though the shot is likely to miss planet Earth’s natural satellite, it is sure to land somewhere above the sky. NEO majestically rose from the recent overwhelming losses that touched $6.68. The recovery mainly driven by Bitcoin’s 25% gain in less three days, has seen NEO step above $10 and test the region above $13.
Read more: Bitcoin price analysis: BTC/USD bounces off $9,000 support
NEO is up more than 10% on Monday and exchanging hands at $12.71. The crypto is seeking balance after hitting an intraday high of $13.47. Most of the gains were accrued during the weekend’s trading. $11.00 level is coming out as a short-term support area after being tested once.
The price is above the 100 Simple Moving Average (SMA) on the one-hour chart currently at $8.43 and the 50 SMA at $9.81. The Relative Strength Index RSI) is in the overbought zone but making a retreat due to the ongoing correction. On the other hand, the Moving Average Convergence Divergence (MACD) is in the positive region. The bullish cross openly shows that NEO is largely in the hands of the bulls.
NEO/USD one-hour chart
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