- The NEO token price as per the price action is bullish, as it manages to bounce off the supply zone.
- The NEO token price is forming a double bottom pattern on a daily time frame.
- The pair of NEO/BTC is trading at the price level of 0.000364 with an increase of 2.49% in the past 24 trading hours.
According to price movement, the NEO token price is positive since it managed to hold near the supply, which caused the price to stay in a bullish trajectory. The NEO token price was observed to be under bullish pressure despite the general cryptocurrency market having been gloomy for the previous week.
On a daily time period, the token price is now producing lower low and lower high formations. The price of the NEO token was in a strong consolidation before the most recent collapse of the demand zone. The price of NEO tokens is now trading higher above both the 50 and 100 moving averages. The significant 100 and 50 MA were broken as the price of tokens increased. As a result, the price of the token may continue to rise over the following trading days.
The token price can be observed encountering heavy support from these MAs as it moves upward. After experiencing upwards pressure from the upper band, the price of the NEO token is currently trading at the upper band of the Bollinger band indicator. Since the range is broad, some consolidation before a further move is inevitable. The price of NEO tokens has also risen above the 14 SMA. As the token price rests above the demand zone, volumes have remained consistent.
The NEO token price is forming a bullish chart pattern on a daily time frame
Relative Strength Index: The RSI curve has stormed past the halfway mark of 50 as the token price rose to the supply zone. The NEO token price as per the price action is bullish and the same as depicted in the RSI curve. The RSI curve is currently translating at 62.60, after rising out of the 50 mark. As of now, the RSI curve has also gone above the 20 EMA, indicating some bullishness signs. If the token price successfully breaks the supply zone, the RSI curve can be seen moving higher supporting the trend.
Moving Average Convergence Divergence: The NEO token price is bullish as it rose to the important supply zone. Currently, as it trades at the supply zone, the MACD indicator has given a positive crossover. The orange line crossed the blue line on the upside. If the token price fails to sustain above the demand zone, then the fall in the price of the NEO token can result in the MACD line widening supporting the trend.
Average Directional Movement Index: ADX curve has been dipping on a higher time frame as the token continues to fall. In a daily time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the token price rests at the short-term demand zone on a 4-hour time frame. It is a positive sign for the token price. Investors should wait for a positive candle formation at the demand zone.
Conclusion: The NEO token price is bullish forming a bullish chart pattern. As the technical parameters suggest, the token price can be seen breaking the supply zone if bears fail to power it down. It remains to see if the token price will break the demand zone, or bounce off it.
Support: $6.10 and $6.40
Resistance: $8.10 and $8.90
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