NEO Huge Bull Momentum Continues and Breaks Weekly High

October 27, 2019 By: Lorenzo Stroe

NEO had a similar experience like the whole crypto market, first a crash followed by a day of sideways trading. Then a huge bull move with an initial 12% price increase in one day.

The bulls didn’t stop there and saw a massive continuation with a 17% price increase over the next day. Today, the bulls have done it again and NEO broke $10, currently trading at $10.43.

The whole bull move was a huge, 55% price increase over the span of 3 days. is trading above both EMAs which have crossed bullish. The RSI is currently overextended but won’t necessarily stop the bulls for now.

The volume has been impressive too, the last two days of trading of NEO have seen more volume than in the last 3 months.

The 4-hour chart is clearly in favor of the bulls and they are looking for consolidation as the RSI is overextended since almost the initial move. The 12-period EMA will likely act as support for the bulls to set a higher low compared to $8.24.

Most importantly, this recent bull run had a huge impact on the weekly chart. NEO was able to break above both EMAs and the last high of $10.38 and although this doesn’t confirm a weekly uptrend, it is really close as the bulls would only need to set a higher low compared to $6.68 to confirm it.

The monthly chart has basically confirmed a higher low compared to $5.46 and the bulls are looking for at least a lower high compared to $20.85.

 

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