NEO rises and manages to turn bullish in the short term. Price control has clearly returned to the hand of the bulls, and it is now possible to see further gains in the near future.
At the time of this writing NEO is trading at $ 43.91, accumulating a loss of 4.53% in the last 24 hours, but maintaining a gain of 45.05% in the last 7 days.
With a market capitalization of $ 3.096 million, it is ranked 34th on the CoinMarketCap ranking.
NEO is a blockchain powered by its own community, and is currently about to release the N3 version.
The upcoming update is designed to build an open network with a smart economy, which allows any digital or physical asset to be easily accessible to any person or program, with a minimum requirement of trust.
The NEO N3 mainnet is expected to go live tomorrow, which could bring even a little more positivity to the cryptocurrency market.
But what does price action tell us? Let’s look at the charts below.
NEO Technical Analysis As Price Rises Rapidly
Today from the daily chart of NEO the scenario is quite encouraging, thanks to the break of three resistances without major problem.
The short-term trend has turned bullish. Now a correction is in process, but it is clear that it will only be to collect demand and thus return to the previous address.
The losses are likely to extend a bit further before the bulls press again.
At the moment you do not have to sit and wait for sales, it would be just a matter of seeing the setback occur to go up in favor of the trend taking advantage of the discount prices.
If what you expected was a confirmation that buyers have regained control, then the current behavior is enough to accumulate coins with more confidence.
In the time frame with weekly candles, the scenario is also positive, thanks to the break of the resistance at $ 37.54.
However, it will not be until exceeding $ 56.70 when the medium / long-term trend fully recovers, and makes way for purchases that possibly take the price to new all-time highs.
What is clear is that as NEO rallies, the odds have now leaned heavily to the side of the bulls.
To think about selling, the support at $ 26.90 should be crossed. But, a next one at $ 22.27 can quickly put a damper on intentions. In addition, the strong exhaustion and impossibility of marking new lows, tells us that it is unlikely to see higher sales.
All our publications are informative in nature, so in no case should they be followed as investment advice.