NEO is testing towards the best levels of the month as positive tones start to spread across the cryptocurrency market.
NEO technical analysis shows that the cryptocurrency could test towards major upside resistance over both the short and medium term, around the $8.30 level.
NEO medium-term price trend
NEO is on the rise alongside other top coins in early week trade after finding strong technical support from the $3.90 area last month.
The price has recently been making lower lows on the daily and weekly time frame, which is a positive medium-term sign.
NEO price analysis shows that buyers may test towards the neckline of a large head-and-shoulders pattern, around the $8.30 level.
Gains above the above the neckline of the mentioned pattern could provoke a rally towards the $9.60 resistance level.
The $9.60 level is important as it is the location of the NEO/USD pair’s key 200-day moving average.
NEO has been stuck below its trend-defining 200-day moving average since March 8th this year.
NEO short-term price trend
NEO technical analysis over the short term shows that the cryptocurrency only has a bullish bias while the price trades above the $7.55 level.
The four-hour time frame shows that a large rising price channel has formed, with the top of the channel found around the $8.30 level.
It appears that short-term and medium-term analyses are aligning, as both time frames highlight the $8.30 resistance level as a key upside target.
It is noteworthy that rising price channels usually indicate that range bound trading is likely between the price, although a bearish breakout may eventually occur.
NEO technical summary
NEO technical analysis shows that bulls may soon test towards the $8.30 resistance level. NEO/USD is currently working within a rising price channel across the lower time frames.