NEO Price Movement Analysis for 19th April, 2021

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NEO stands out in the top-20 altcoins, along with only a few other altcoins that have seen major price increases in the last day. The coin has begun a short-term uptrend and is now fighting a critical degree of resistance.

NEO was valued at $124.8 at the time of publication, with a market value of more than $8.9 billion. The coin’s selling price has more than doubled in the last week, with a 43 percent increase in the last 24 hours.

NEO 4-hour chart 

Source: NEO/USD, TradingView

NEO’s pricing behaviour demonstrates a high level of market uncertainty, as shown by the expanding Bollinger Bands. Fortunately, the price has risen as a result of the volatile trend, and the $99 price spectrum has shifted from opposition to help. At the time of publication, NEO was attempting to break into the $131 price range, and if this occurs in the coming days, the market’s bullish momentum would aid in further price exploration.

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However, if a pattern reversal occurs, NEO may soon be forced to focus on the support range between $99 and $85 that has previously aided its price.

Rationale

NEO technical metrics paint an intriguing picture. Although the MACD indicator has completed a bullish convergence with no apparent indicators of pattern reversal, traders should exercise caution. The RSI indicator is also promising, as it is currently in the overbought sector. Taking historical precedents into account, one can easily see that once the RSI indicator reached such a high level, it didn’t take long for it to fall into the neutral-oversold sector. As a result, a price turnaround cannot be completely ruled out, and a drop to the $100 mark can be predicted in the coming days.

Conclusion
NEO’s pricing behaviour over the last 24 hours has been highly positive, indicating the existence of a large buyers demand. However, the momentum could now be waning, resulting in a short-term pattern turnaround. In such a case, NEO may find itself back in the $100 price range. On the opposite, if the $131 resistance level is successfully breached, more market discovery for Connection is highly probable in the coming days.

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