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NEO price update: NEO/USD bulls wake up to lead recovery, up 2.45%

  • NEO propels the bullish flag high above the crypto landscape.
  • A rising wedge pattern suggests that NEO will reverse the trend, possible stop at $11.40.

NEO bears are waking to a rude shock having found the bulls full in control of the throttle. NEO is in the initial stages of flying the bullish flag high above the crypto horizon. Besides, the price is already 2.45% higher on the day.

NEO’s price action on the day commenced at $11.16 (intraday low). The crypto has touched $11.48 to the upside (intraday high) before adjusting to $11.40 (market value).

Amid this new bullish force, NEO is forming a rising wedge pattern whose reaction must be avoided to avoid plunging back to the key support at $10.40. On the brighter side, the 50 SMA is above the 100 SMA. Moreover, the gap between them is widening to show that bulls have the mantle in the short-term.

In the very short term, the RSI shows that NEO will settle in a range between $11.20 and $11.40. A sideways trend is likely to emanate in preparation for another breakout.

NEO/USD one-hour chart

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