NEO Looking to be The Leader

December 7, 2019 10:03 AM UTC

NEO has been stronger than the rest of the major cryptocurrencies but eventually lost strength too. It is currently in a daily downtrend looking to break above the 12-period EMA which has been a tough resistance for the bulls.

The RSI is not oversold anymore but still close to the bottom while the MACD is looking for a bull cross within the next week if the bulls can keep up the momentum.

The volume has been decreasing significantly which means that a big move is coming soon. The 4-hour chart has shifted into an uptrend as the MACD has turned bullish. The bulls are now trading above both EMAs, the last time that happened was back in November.

Long Timeframes

The weekly chart is a bit tricky, it’s not exactly clear if NEO is actually in an uptrend here as price action has been choppy. The bulls are trading below the 12 and 26-period EMAs and there is a bear flag in play. The MACD is bullish which means we could see an extended bull run, however, the bulls will need a bit more strength for that to happen.

The monthly chart is unfortunately in a downtrend and the bulls would need a lot more to change this trend. The recent high lies at $20.85.

 

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