NEO has risen to its highest trading level since March 12th as the popular cryptocurrency tracks the broader market higher.
NEO technical analysis shows that the cryptocurrency is likely to test towards the $10.00 resistance level.
NEO medium-term price trend
NEO is breaking higher this week, as the cryptocurrency continues its recent recovery from the $4.00 technical area.
With bullish tones spreading through the digital currency market is it likely that buyers may launch an attack towards the NEO/USD pair’s 200-day moving average.
NEO price analysis shows that buyers may test towards the $9.60 to $10.00 resistance area.
If a breakout above the cryptocurrencies 200-day moving average does occur, around the $9.60 level, bulls may test towards the March 7th swing-high, around the $12.60 level.
It is worth pointing out that 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 $7.40 level.
The four-hour time frame shows that a bullish reversal pattern is currently in play, following the breakout above the $8.20 level.
According to the size of the bullish reversal pattern the NEO/USD pair could rally towards the $10.00 level.
It is noteworthy that bearish MACD price divergence has been created during the latest rally and extends down towards the $7.20 level.
NEO technical summary
NEO technical analysis shows that bulls may soon test technically bullish. A reversal pattern points to coming gains towards the $10.00 resistance level.