Neo Price has Triggered a Breakout from Descending Channel; What\'s Next?
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- 2024-07-19 12:53:08656browse
According to the chart structure, NEO declined through a descending channel. The price rose above the 20-day EMA. Buyers could likely push to the 200-day EMA.
After a bearish trend since October 2023, NEO price showed a breakout from a descending channel on the daily time frame.
The price is trading above the 20-day EMA, indicating a positive sign for buyers. If the price continues to hold above the EMA, buyers could push to the 200-day EMA.
However, if NEO trades below the 20-day EMA, it may reenter the descending channel, putting pressure on the price.
On a 4-H time frame, NEO price slipped below a parallel channel with strong selling pressure.
However, buyers showed interest and lifted back to the channel. If it surpasses the parallel channel, buyers may dominate and the price could gain bullish momentum.
On the other hand, if the digital asset price slipped below the parallel channel, the price may perform negatively further.
A recent analysis by a source on X highlighted the breakout from the descending trendline on a daily time frame.
According to the analysis, NEO price picked up liquidity below a major support level and broke out from the trendline.
The price may record a 52-week high if the investors show faith in the breakout.
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