NEO has been trading within a well-defined range, noting support around $5.73. The market has indicated early signs of a short-term recovery.
NEO Price Consolidation
NEO continues to trade within a horizontal range between $4.50 and $7.80. The current price sits at $5.82, close to the lower boundary of this range. Recent price movements indicate a retreat after reaching a high of $7.80 in late July, with NEO returning to the demand zone of $5.50-$6.00. Historically, such depreciation often precedes an upward correction.
Possible Breakout Above $8.00
A recent tweet from Alpha Crypto Signal suggested that a breakout above $8.00 could trigger a strong upward move. Should this scenario be confirmed with a retest, target levels could include $10.00 and $11.00. This pattern anticipates a bounce from the lows of $5.00-$5.50 to the highs of $7.80, a breach of $8.00, and a subsequent retest as support.
Short-Term Indicators Show Strength
On the 5-minute chart, NEO displays initial signs of a rise after hitting a low of $5.58, with the current price at $5.73. The Relative Strength Index (RSI) is at 52.93, indicating neutral momentum slightly in favor of bulls. The MACD indicator has also registered a bullish cross, confirming early interest in a price increase. However, short-term traders continue to monitor RSI and MACD for signs of sustained upward momentum.
NEO's price remains within a broad consolidation, with signs of potential strengthening in the short term. Market observers await confirmation of directional movement.
