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NEO / USD Short-term amount analysis
NEO has a bullish concise trading outlook, with the cryptocurrency advancing to a beginning 2024 trading high.
The four-hour time anatomy is assuming that a bullish astern arch and amateur arrangement has been created, with the NEO/ USD brace now testing aloft neckline support.
Technical indicators on the four-hour time anatomy are bullish and abide to affair a able buy signal.
Pattern Watch
Traders should agenda the upside ambition of the astern arch and amateur arrangement would booty the NEO/ USD brace aloft the 20.00 level.
Relative Strength Index
The RSI indicator on the four-hour time anatomy is bullish, although it is abutting overbought territory.
MACD Indicator
The MACD indicator is bullish on the four-hour time anatomy and is continuing to accomplish a buy signal.
Fundamental Analysis
NEO has acquired bullish drive afterwards the announcement of a mainnet upgrade, appointed for June 3. The amend is accepted to advance network stability and will not affect accustomed users.
NEO / USD Medium-term amount analysis
NEO has a bullish medium-term outlook, with the cryptocurrency continuing to blemish afterwards affective aloft its trend defining 200-period affective average.
The circadian time anatomy is assuming that beasts accept now invalidated a arch and amateur arrangement and are attempting to accumulate amount aloft the arch of the bearish pattern.
Technical indicators on the circadian time anatomy are still bullish and abide to accomplish buy signals.
Pattern Watch
Traders should agenda that the upside ambition of the invalidated arch and amateur arrangement is the September 2024 trading high.
Relative Strength Index
The RSI indicator is bullish on the circadian time anatomy and still shows ambit to barter higher.
MACD Indicator
The MACD indicator on the circadian time anatomy is bullish and continues to affair a able buy signal.
Fundamental Analysis
The project’s medium-term affairs will depend on its adeptness to drive acceptance of the platform. Although NEO is demography accomplish to advance its technology, it still lags abaft its above rivals in the market.
Conclusion
Neo has an more bullish trading angle beyond both time frames and appears to be on the bend of addition above bullish breakout.
If beasts can burn the ample bullish arrangement on the four-hour time frame, the cryptocurrency could arise appear levels not apparent back May of aftermost year.
For a quick attending into NEO, analysis out our bread guide.
