- NEO/USD is trading over 6.5% higher on Friday as the altcoin outperforms most of the cryptosphere.
- The channel top has now been breached to upside showing an accelerated move.
NEO/USD 4-hour chart
The chart below shows the extent of the NEO rally since the price hit a low of 4.00 on March 13th. Now the price has accelerated out of the channel high to break the 10.00 psychological zone. To show this is not a fake breakout the volume indicator has also increased and pushed up.
Adding to the bullish sentiment the price is trading above both the 55 and 200 moving averages comfortably. The relative strength indicator is also in an overextended overbought area and this could indicate that there could be a small pullback on the way before the trend continues.
Lastly, on the daily chart, there is a resistance level at 10.40. The market has obviously past the level but the daily candle has not closed and the price could push back below the zone so be aware that it is still there. Beyond that the psychological 12.00 level is next up.
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