NEO Technical Analysis: Trend Drifts At $10, Making Bulls Uneasy

NEO prices showcase the start of a new bull cycle struggling to sustain above $10. Will bulls succumb and fail to reach the resistance trendline? Key technical points: NEO prices increased 16% last week. Increased volume support for the bullish cause increases the uptrend possibility. The 24-hour trading volume of Neo is $75.86 Million, indicating a 16.42% hike. Past Performance of NEO Reaching close to the $150 mark last year, the overbought NEO prices continue to dilute under the long-coming correction trend. After showing a consolidation between $17 and $28, the prices continue the downtrend in a falling channel fashion and breach the $10 mark. However, the support at the descending trendline brings buyers back into action and resurges the market value above $10. Source-Tradingview NEO Technical Analysis The bull cycle within the falling channel develops into a sideways shift as the NEO prices fail to surpass the $11 and resonate above $10. However, the increase in volume yesterday supporting the bullish jump increases the chances of lower price rejection to drive prices to $13.25. The negative trend in the crucial EMAs 50, 100, and 200 days continues in a bearish way due to the recent loss within the bearish pattern. In addition, the 50-day EMA is retracing its line from the 100-day EMA resulting in an increased bearish spread. The downward trend of the RSI slope (blue line) shifts to neutral beneath the halfway line, afte...