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Crypto Technicals: NEO/USD set to scale new highs, 200-DMA breakout confirms bullish trend

Fri, 17 Jan 2020, 09:52 am UTC

NEO/USD chart - Trading View

Exchange - Bitfinex

Technical Analysis: Bullish

GMMA Indicator: Major Trend - Bullish; Minor Trend - Bullish

Overbought/ Oversold Index: Overbought

Volatility: High and Rising

Support: 11.08 (5-DMA); Resistance: 12.30 (Upper BB (W))

NEO/USD is showing signs of a bullish trend shift, price set to scale new heights.

The pair was trading 2.79% higher on the day at 11.56 at around 09:35 GMT, bias bullish.

GMMA indicator shows shift in near and long term trend to bullish. Short-term MAs have crossed over long-term MAs and long-term MAs have turned north.

Price action has shown a breakout above daily cloud and 200-DMA resistance supporting the uptrend.

Volatility is rising, convergence of price action with oscillators and support from MACD and ADX suggests the pair is set to scale new highs.

Price action is extending break above 21W EMA and eyes upper BB (W) at 12.30 ahead of 55W EMA at 13.98.

5-DMA is immediate support at 11.08. Break below will see dip till 200-DMA. Retrace below negates near-term bullish bias.

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