- NEO short-term at $11.00 is key to the ongoing recovery.
- Technical analysis point towards increasing bull concentration.
The cryptocurrency market is making attempts to come out of the weekend consolidation. A look at the market shows green shoots sprouting everywhere. NEO particularly is leading the gains on Monday after rising over 8%.
The recent declines had found support at $11.00 giving way for the bulls to plan a recovery. Gains over the weekend stalled short of $12.50 while corrections from the resistance found cushioning above $11.00.
Meanwhile, the gains today broke above the trendline resistance. NEO stepped the moving averages and extended the gains above $12.50. According to the Relative Strength Index (RSI), the incoming trend is still bullish. Besides, the Moving Average Convergence Divergence (MACD) has crossed into the positive zone as a confirmation to the current momentum.
NEO/USD 1-hour chart
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