- NEO bulls are pushing towards the critical $10 level in a generally bullish market.
- A break above the flag pattern will pave the way for gains above $10.
NEO has taken it upon itself to lead the recovery among the major cryptocurrencies on Friday. In a market that is slightly bullish, NEO is trading 2% higher on the day. Recently, the price dived below the $10 support to refresh the lows at $8.4.
The recovery following the drop has been gradual but steady. However, advances made to reclaim the ground above $10 have been thwarted by the presence of immense selling pressure in the zone.
At present, NEO is trading at $9.45 while the upside is limited by the 50 SMA on the 4-hour chart currently at $9.76. To guarantee an easy move above $10, NEO bulls must clear the resistance from the flag pattern.
Glancing further up, the 100 SMA will limit movement at $11 ahead of the resistance at the $13 supply zone. In the meantime, the technical picture continues to improve especially with the RSI’s upward motion above the average (50).
NEO/USD 4-hour chart
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