NEO price analysis: By the end of the week, bulls are aiming to close NEO price above the 20 EMA

• NEO coin is performing slightly well above the upward trendline on the daily price chart.
• NEO investors are aiming to close the daily price candle above the 20 EMA at the end of the week.
• NEO coin with bitcoin pair is trading up 5.1% at 0.0003947 Satoshis.

Investors are gathering momentum after experiencing 45-day lows in the NEO currency. Meanwhile, the bulls achieved the ideological round level of $10, providing significant short-term support for purchasers.

In the month of April, NEO investors witnessed a severe collapse, with price action indicating a low-low pattern on the daily price chart. During the sell-off, bears are selling altcoins in each spike, causing traders to sell on the development approach in the trade.

At the time of writing, NEO coin is trading at $11.9 and with higher momentum in the intraday trading session. The altcoin is performing slightly above the upward trendline (white) on the daily price chart.

Meanwhile, the market cap reached $840 million according to CMC and rose by about 6.8% in the past 24 hours. Furthermore, NEO coin with bitcoin pair is trading up 5.1% at 0.0003947 Satoshis. But the bears are still trying to manage the price below $12.5 for more than 20 days.

Despite the bullish momentum, trading volume appears to be weak, so a further pullback could occur if the price fails to break above the resistance. But NEO investors are aiming to close the daily price candle above the 20 EMA at the end of the week.

Bulls Still Trying for Downtrend

Price action still needs to work on this before targeting any bullish rally. However, the RSI indicator is going to break above the semi-line (50 points) after dipping into the oversold area in terms of the daily price chart.

conclusion

The RSI indicator shows a sharp uptrend in the NEO coin. It now remains to be seen whether the bulls will close the daily price candle above the 20 EMA.

Resistance level- $20 and $25

Support level- $10 and $8.5

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.