The TD index introduced a purchase sign on NEO’s 12-hour chart.
If validated, costs might rise in direction of the following vital resistance barrier, round $19.
The 200-twelve-hour shifting common should maintain as assist for the bullish outlook to be validated.
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After falling by 38% over the previous month, NEO appears to be like able to regain misplaced floor. A number of technical indexes counsel that patrons are reemerging as this sunken token heads for greener pastures.
NEO Able to Surge
Whereas Bitcoin leads the latest bull cycle within the cryptocurrency market, NEO appears to be like able to catch up.
The TD sequential indicator introduced a purchase sign on the 12-hour chart, suggesting that momentum is constructing for an upswing. The bullish formation developed within the type of a purple 9 candlestick.
If validated by a spike in shopping for strain, NEO might rise for one to 4 12-hour candlesticks or start a brand new upward countdown.
NEO/USD. Supply: TradingView
However first, NEO must break above the 50-twelve-hour shifting common, which is at present serving as a stiff resistance.
Turning this hurdle into assist will improve the chances for an extra advance in direction of the following space of curiosity, across the 100-twelve-hour shifting common. This trend-following indicator is hovering at $19.
NEO/USD. Supply: TradingView
Given the large rally that Bitcoin goes via, it’s cheap to imagine that NEO may expertise an explosive value motion.
If the $19 hurdle is out of the best way, costs might rise in direction of the setup trendline at $22.5.
Buyers Develop Overwhelmingly Bullish
It’s price noting that greed at present dominates the sector, in response to the Crypto Concern and Greed Index. Primarily based on the CFGI, when traders develop overwhelmingly bullish, a steep correction follows.
Traditionally, this basic index has been extremely correct at anticipating downturns out there.
For example, NEO took a 30% nosedive in early September after the CFGI went into “excessive greed.” The same occasion occurred in February, which was succeeded by a large 76% correction.
Crypto Concern and Greed Index
Due to this fact, traders should pay shut consideration to the 200-twelve-hour shifting common on NEO’s 12-hour chart.
A sudden spike in promoting strain that pushes costs beneath this significant assist stage will probably invalidate the bullish outlook. Beneath such circumstances, this cryptocurrency could drop to the following vital assist barrier, round $13.
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