NEO Continues Strong Uptrend Challenging the Rest of the Market

November 18, 2019 1:01 PM UTC

NEO has certainly outperformed pretty much the rest of the top cryptocurrencies in the market. The bulls were able to hit $13.45 after a huge bull run that lasted 4 days.

The bulls have been able to hold the daily uptrend by using the 12-period EMA as support after a healthy consolidation. The bears were not able to close below the 12-period EMA and have seen a significant decrease in volume over the past month.

The bulls are now trying to hold the 12-period EMA as support again after more consolidation, however, there is a risk associated with this last move. The bulls were only able to set a double top at $13.45, a bearish reversal pattern.

The bulls need to be really careful if they lose the 12-period EMA. The bears could easily take over and bring NEO down to $10 again, however, the bulls still hold a lot of strength overall.

The 4-hour chart is in favor of the bears but it’s not conclusive right now. The weekly chart is a clear bull flag at this point and the bulls have been able to hold the 26-period EMA 3 weeks in a row. The weekly downtrend is not exactly in play right now, however, an uptrend is not confirmed either.

The monthly chart remains in a clear downtrend though. The bulls still need a lot of work here. They haven’t been able to break above the 12-period EMA for a year.

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