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NEO price analysis: Bulls need to defend key $10.00 level

By Nathan Batchelor

12:30, 4 June 2020

NEO price analysis

NEO had staged a pullback from the $13.00 area after the broader cryptocurrency market suddenly turned sharply lower on Tuesday.

NEO technical analysis shows that bulls must defend the $10.00 level in order for the NEO/USD pair to continue its recent advance.

NEO medium-term price trend

NEO has pulled back towards the $11.00 resistance level after the cryptocurrency rallied to its highest trading level since late-February 2020 earlier this week.

NEO price analysis shows that bulls must keep the cryptocurrency above the $10.00 level in order to attract medium-term dip-buying interest.

NEO price analysis

Technical analysis shows that the NEO/USD pair remains technically bullish while the price trades above its 200-day moving average, around the $10.00 level.

The daily time frame shows that the cryptocurrency also recently tested the top of a falling wedge pattern before the recent reversal took place.

Traders should note that a breakout above the top of the triangle, around the $13.00 level could cause the NEO/USD pair to surge by around $7.00.

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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 $10.50 level.

The four-hour time frame continues to show that a bearish head-and-shoulders pattern will form if the price reaches the $9.00 level.

NEO price analysis

According to technical analysis, weakness below the $11.00 support level may trigger more short-term weakness.

According to the size of the potential bearish reversal pattern the NEO/USD pair could fall towards the $5.00 level.

It is noteworthy that bulls need to move the price above the $13.00 level to negate the possibility of a bearish pattern forming.

NEO technical summary

NEO technical analysis shows that the NEO/USD pair will turn bearish if price moves under the $10.00 level. A breakout above the $13.00 level is required to trigger a major rally.

Markets in this article

NEO/USD
NEO / USD
13.5789 USD
1.119 +9.040%

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