- NEO shakes off the bear pressure as it adds 9.56% on a daily basis.
- The immediate resistance at $18.50 is a critical breakout towards the coveted $20.00.
The stormy waters seem to have calmed down after NEO bounced from the major support at $16.00 on Wednesday. NEO has embarked on a graceful upward roll towards the coveted $20.00, although it is still stuck below $18.50. However, the current position is good for the bulls who have been drowning in the sea of red since the start week’s trading. The selloff that has affected literally all the cryptocurrencies in the market break the support at $18.50 (current resistance) and bottomed out marginally above $16.00.
NEO is trading in an ascending channel with one of the trendlines proving strong support. What is more, the crypto is up a whopping 9.56% on dialysis and the trend is strongly bullish. This also means that the bulls are back and this time they are unstoppable. The immediate resistance at $18.50 is the key breakout to $20.00 and other higher levels.
In addition to that, 15′ SMA currently highlighted at $17.86 will put a stop to a trend reversal towards $17.50 (next short-term support target). As mentioned above, the lower trendline is a strong support line as well. The stochastic on the same chart is rising higher into the overbought while the MACD is in the positive region. The buyers must not give up control but fight for a support above $18.50 as they forge another path to $20.00. Besides, NEO is likely to retrace higher if not sideways in the near-term.
NEO/USD 15′ chart
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