Neo (NEO) Hits a 2-Month High Above $11.5; Draws a Bullish Divergence
- Neo, at the time of penning down this analysis, was trading above $10 at $11.18 after marking an intraday low at $10.7 in the initial trading hours on May 9, 2020
- A quick rebound helped NEO/USD gain 4.4% in the intraday with massive volatility as projected by the 20-day Bollinger Bands
- The pair retains steady support from the 50-day and 200-day MA after a steep rise yesterday from the trading price of $9.85 to $11.90 marking a regression of over 20% in less than 24 hours in Friday’s trading session before the closing
- After almost 8 days of price accumulation, NEO coin experienced a price rally amidst the highly volatile market
- The technicals are drawing a bullish divergence as the coin rebounds in the intraday to trade above $11 again
NEO Price Analysis
On the basis of a 2-hourly chart of NEO price predictions, NEO is drawing a steep rise as it hits a 2-month long resistance above $10 and $11. After the gradual rise from $9.05, the coin gained steady support from 50-day and 200-day MA. However, due to Bitcoin halving standing around the corner, BTC is very volatile and is likely to influence the major alts of the global crypto market as well.
The major support for the current price of Neo coin to watch out for lies at $9.85—from where the price experienced a steep growth yesterday, and the immediate support lies at $10.5 and $10. While the major resistance lies at $11.99 and $12.
The MACD of Neo appears completely bullish due to intraday price soar over the weekend and has successfully crossed above the signal. With a quick rebound above $11 from $10.7, today, it saved the coin from a bearish divergence.
The RSI of the coin is hitting at 68.85 and has slipped below the overbought zone due to a slight turn from $11.9.