- The NEO coin price action is reflecting the double bottom formation near the crucial support zone ($19-level).
- The NEO coin has gained 24% or its value this week and bulls are going to celebrate the bullish Weekend after the retracement phase.
- Despite the bullish momentum, the volume bars are drawing lower-highs formation in terms of the weekly price chart.
On the weekly price chart, the NEO currency seems to be in a healing process, with the bulls attempting to control the selloff while the bears refuse to accept the buy order. NEO investors experienced a better start to the week after a corrective phase, although the cryptocurrency is still trading below the nearest resistance level of $25. The price action of NEO is providing double bottom formation on a regular basis.
After so many corrections, the NEO coin has seen a bullish week and has recently gained almost 24% of its value from the $19 support. At the time of writing, the NEO coin appears to be in the 10.4% green zone at the $23.3 level. Bullish Weekend is being seen in Bulls. Nevertheless, the NEO/BTC pair is trading at 0.0005577 Satoshis, which is up 9.8% according to CMC live data.
However, the NEO token has gained around 148% trading volume in the last 24 hours and the volume bars are attracting a lower-higher formation in terms of the weekly price chart. Meanwhile, the volume to market capitalization ratio is 0.1629. Thus, the crypto has immediate support at $19 and the $25 mark acts as a short-term resistance area.
Bulls need to breach 100-day moving average line
At the press time, bulls are approaching the 100-day moving average (yellow) after well maintaining the price higher above 20 and 50 MAs. Moreover, the 200 MA might act as a bullish hurdle.
In terms of the daily price chart, the RSI is moving towards an overbought zone and is now looking at the 60-mark. Meanwhile, MACD is about to cross the neutral level after falling into the negative zone.
Conclusion
Bulls only need to keep the price of NEO coin higher than the 100-day moving average than short-covering and $25 will be the next resistance area for the crypto.
Resistance level- $25 and $30
Support level- $16 and $10
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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