THELOGICALINDIAN - A able upside blemish is in the archive for NEO
NEO is assertive for a abstruse blemish in the near-term, as the accepted cryptocurrency consolidates central its tightest three-week trading ambit back March this year. The NEO / USD brace is currently trading at its weakest back May 2024 and is bottomward over sixty percent from its annual amount peak, aloof aloft the $24.00 level.
Despite abandoning acutely from aloft the $20.00 akin in backward June, the cryptocurrency still trades about twenty percent college back the alpha of 2024. Short-term abstruse assay suggests that the NEO / USD brace could anon barrage a bullish assemblage appear the $11.00 level, capturing a added twenty percent gain.
The four-hour time anatomy shows that a falling block arrangement has formed, which is authentic as a bullish changeabout pattern. The admeasurement of the arrangement suggests that the $11.00 akin is the all-embracing upside ambition if beasts can accomplish a blemish aloft trendline resistance, about the $9.90 level.
The all-embracing upside ambition additionally coincides with the NEO / USD pair’s 200-day affective average, which is anchored about the $11.00 level. In adjustment to achieve the upside objective, beasts charge to abide to avert the $7.50 to $8.00 abutment area. Failure beneath this key breadth will be acutely bearish from a abstruse perspective.
The circadian time anatomy continues to highlight a ample astern arch and amateur arrangement with the neckline of the bullish arrangement amid some 60 percent abroad from accepted pricing, about the $14.00 level.
The circadian time anatomy additionally highlights the $15.00 akin as a abeyant upside target, if beasts can eventually breach aloft the NEO / USD pair’s 200-day affective average.
According to the latest affect abstracts from TheTIE.io, the concise affect appear NEO is bullish, at 70.00 %, while the all-embracing abiding affect appear the cryptocurrency is negative, at 38.00%.
Upside Potential
The four-hour time anatomy is assuming that the NEO / USD brace can bound beforehand appear the $11.00 akin if beasts can advance able abstruse attrition about the $9.50 level.
The circadian time anatomy highlights that already aloft the $11.00 attrition level, added bullish advance appear the $15.00 akin again charcoal possible.
Downside Potential
The four-hour time anatomy shows that if sellers force a bearish blemish beneath the $7.50 akin again the NEO / USD brace could appear beneath astringent affairs burden appear the $6.00 level.
The circadian time anatomy currently highlights the $7.50 and $5.50 levels as the capital abstruse abutment areas. A move beneath the $5.50 akin would invalidate the ample astern arch and amateur arrangement on the circadian time frame.
Summary
NEO may be accepting accessible for a able blemish move, as the cryptocurrency consolidates central an acutely attenuated ambit band.
Short-term abstruse assay suggests that the NEO / USD brace could arise appear the $11.00 akin if beasts can blemish from the categorical falling block pattern.
For a quick attending into NEO, analysis out our bread guide.
