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Ethereum Classic

Neo Sustains the $8 Support; Will It Break the Consolidation?

Neo has been caged in the horizontal bounded range between $13 and $8 after a constant downfall of the token from its highs and is currently moving at the price of $10.66. The price of NEO has recently suppressed the downtrend line with the formation of bullish candles as the price turns from the support line and the candles close above the last peak of $10.17.

The NEO price surged significantly from when the bulls pushed the price upside in the last few days. On July 18, there was huge buying pressure as the price hiked more than 10%. Now, whether the NEO crypto will sustain this price rise or not is a question!

The NEO coin is heading upwards after closing above the recent candles and may reach its near resistance of $13.36. The MACD histogram shows green candles, and the Signal line is trading below the MACD line, indicating bullish momentum. The coin is already bullish, and the traders holding the coin may expect a minimum target of $13.26.

The RSI indicator at 64 shows the coin is about to enter the overbought zone. The volume candles are moving below average, reflecting the need for additional buyers for upside momentum.

The previous week’s candle on the weekly chart moved significantly, and today’s candle closing above the 4-weeks high can be a good moment for the bulls. The weekly candle has recently suppressed the trend line, and if the price continues to climb, closing above the resistance of $13, the token may reach its higher highs in the upcoming days.

The technical parameters of NEO in the long time frame show neutral momentum; however, if the price continues to move in the same direction, a gainful opportunity can be expected for the bulls.

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