NEO Breaks Out of Descending Parallel Channel

October 30, 2019 By: Lorenzo Stroe

NEO, the strongest cryptocurrency this week and the past has now broken the parallel channel formed on the hourly chart.

NEO has experienced one of the biggest bull moves in the history of cryptocurrencies. A 101% price increase over the span of 6 days. NEO is currently trading at $11.32 and the bulls are not stopping.

The hourly chart formed a clear descending parallel channel. The bulls were riding the EMAs for a few hours before finally taking off with a 4% price increase within 1 hour. The bulls are now seeking continuation and looking at the resistance of $11.59.

After that, the bulls face no real resistance until the high of $13.45 but the RSI is overextended on most timeframes.

The daily chart is in a massive bull run and uptrend and the bulls seem to have set a higher low at $10.14. The volume has been totally in favor of the bulls which have seen the highest trading volume since July of this year.

The weekly chart is clearly favoring the bulls too and an uptrend is inevitable. The bulls only need to set a higher low in order to confirm it.

The monthly chart has set a higher low at $6.68 but the bulls still need a lot of work in order to confirm an uptrend. They would need to break $21 for that.

Follow us on
Daily updates

Leave a Reply

avatar
  Subscribe  
Notify of