NEO Looking for the Next Move up After Healthy Consolidation

November 2, 2019 By: Lorenzo Stroe

NEO has been outperforming most of the other cryptocurrencies during the last week. The bulls have now set a nice higher low at $10.14 and are looking for the next leg up. The current high remains at $13.45 but the bulls don’t necessarily have to break above it in just one move.

The volume has been dropping significantly which means a big move should happen soon. The RSI is overextended but won’t necessarily slow the bulls down. The nearest resistance is at $11.56.

The bulls could experience further consolidation, however, they would maintain their strength as long as NEO can stay above $10.

The EMAs have crossed bullish and will not cross bearish in a long time from now. The 4-hour chart is back in favor of the bulls which are holding the support on the 12-period EMA. The next target for the bulls is at $11.56 and $11.59.

The weekly chart is currently showing a bull flag which could be confirmed in the next weeks. NEO is trading above both EMAs which are now looking for a bull cross if the bulls can keep up the momentum.

The monthly chart has basically formed an equilibrium pattern, although not fully confirmed. The bulls do have the upper hand currently as they have the daily and weekly chart in their favor. The volume has been declining here too.

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