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Recently, price action in the NEO/USD market bounced off the resistance near the $10.97 mark. A downward retracement towards the $10.00 mark followed the rebound before buyers regained control of price action. Since the just concluded trading session, prices have started moving towards $11.00. Let’s see how price action may fare shortly.
NEO Analysis Data
NEO Value Now: $10.53
NEO Market Cap: $747,899,805
NEO Moving Supply: 70,538,831 NEO
NEO Total Supply: 100,000,000 NEO
NEO CoinMarketCap Ranking: 61
Major Price Levels:
Top: $10.53, $11.00, and $11.50
Base: $10.13, $9.80, and $9.50
NEO/USD Extends Its Course Towards the $11.00 Mark
In the previous session, price action in the NEO/USD market bounced off the support at the $10.03 mark. Furthermore, the ongoing session has shown the readiness of buyers to keep pushing prices higher. Another green rice candle has shown up on the NEO daily chart. Consequently, this has pushed prices to $10.53. Despite the recent downward retracement, the Relative Strength Index (RSI) indicator has started trending downward. The most recent gain in bullish momentum seems to have stimulated a bullish reveal move on the RSI, as the lines of the indicator are now converging for a crossover. If buying momentum continues to grow, the crossover will occur, and a continued upside retracement will occur.
NEO/USD Runs Into Gridlock, Yet Retains Upside Potential
In the NEO/USD 1-hour market, it could be seen that price action seems to have hit a blockade at the $10.64 price mark. Price activities had reacted with a minimal downward retracement. Nevertheless, there are possibilities that prices may continue on their upward path in this market. It could be seen that the previous session gathered a significant amount of profit considering the size of the price candle that represents it. Also, the losses incurred in the ongoing session haven’t canceled out all the profits from the previous trading session. In addition, the Moving Average Convergence Divergence indicator (MACD) curve keeps moving upwards, while its bars continue to appear green. Therefore, it appears that the price is largely focused on hitting the $11.00 mark.
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