Although most cryptocurrencies have experienced a huge crash yesterday, NEO bulls remain in full control. The digital currency is trading at $11.15 after bouncing back up from $10.58.
The bears have been able to break below the 12-period EMA, however, the daily uptrend remains in place. The bulls are now looking to trade above the EMA again and break $13.45.
There are some bad news for the bulls, though. The daily chart has set a double top, a bearish indicator and the bears could use it to their advantage. Ideally, the bears would want to see a bounce below $12 and then bearish continuation below $10.58 to set a daily downtrend.
The weekly chart is still showing a bull flag and the EMAs are getting closer to a bull cross. The volume hasn’t necessarily been impressive, though.
The monthly chart is currently an attempt of the bulls to change the downtrend. They have set a convincing higher low at $6.68 and are looking to break above $20.85 in order to confirm an uptrend.
The bulls are looking at $13.45 as the nearest resistance as well as $14.74, the 12-period EMA on the monthly chart as resistance. After that there is no real resistance until the peak at $20.85