Price Analysis

NEO Breaches 1-year High at $17 with a Bullish Bias

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NEO strengthens and breaches yearly resistance above $15 at $17.68 just at the onset of the week. Ranked amongst the top 20 coins of the global crypto market, NEO is one of the developing blockchain networks holding a market capitalization of over $1.2 billion with the bullish intraday sentiment.

NEO is an open network platform for the smart economy, and its token is continually strengthening after testing bottoms as low as $4 during the market crash in March. NEO breached an approximate 1-year high with a previous brief candlewick around $18.9 price area but is not able to have a persistent above $17.05, currently.

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At the time of penning down this analysis, NEO was trading at $16.83, slightly below the recent year high at $17.05. NEO/USD, at the onset of the ongoing year, was trading around the recent trading price area, but it was just recently when it broke the major resistance at $17.

With intraday bullish bias, the price is already hitting the upper Bollinger Band and is retaining support from daily moving averages of 20 & 50 days around $12 & $10.5. the second wave of altcoin season is here as the major altcoins breach major resistances.

The technicals are bullish, yet we project moderate volatility as the 20-day Bollinger Band gradually widens. The MACD line is crossing above the signal line with a bullish intraday crossover on the daily chart. The RSI of the coin hints towards the expanding demand due to yearly highs hit and major resistance breached at $17. The major support and resistance to watch out for lies at $15 and $17.5, respectively.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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