NEO Technical Analysis: New Week Brings New Hope For NEO Buyers

Starting the week with a 16% jump, NEO projects an increase in overnight bullish momentum. But will it sustain till the weekend, or is it just another trap? Key technical points: NEO prices surpass $10. The Stochastic RSI shows a bull trend in action. The 24-hour trading volume of Neo is $149 Million, indicating a rise of 170%. Past Performance of NEO In analyzing the performance this month of NEO, the month began with a drastic fall resulting in cutting the market value of $19 in half to $9.5, followed by a consolidation range. The underlying increase in the consolidation range was evident, with the double bottom formation at $9.5. Eventually, the upside reversal started with consecutive bullish candles resulting in the range breakout with a 16% jump. Source-Tradingview NEO Technical Analysis Support the price jump, NEO trading volume skyrockets 170% reflecting a surge in the number of buyers. Hence, the chances of a prolonged uptrend increase with the growing confidence of buyers. The falling daily EMAs daily are in the bearish trend, with the spread growing between the 50 and 100-day EAs, showing a steady downward trend. The RSI rises above the boundary of the oversold zone by a parabolic turn to reach over an average of 14 days, denoted by the yellow line. In addition, the Stochastic indicator displays the K and D lines that continue to move upwards and highlight the underlying bull cycle. Therefore, the indicators show th...