NEO flashed a buying signal as the crypto markets turned bullish, and it looks like the asset is ready to join Bitcoin’s bull party. NEO surpassed a critical support barrier so let’s read more in today’s NEO news.
The TD index presented a buying signal on the NEO 12-hour charts, and if validated, the prices could increase to the next significant resistance barrier, which is around $19. The 200-twelve hour moving average has to hold as support for the bullish outlook to be validated. After falling by 38% over the past month, NEO looks ready to regain the lost ground. Multiple technical indexes suggested that the buyers are emerging again from the dropped token, headed for greener levels.
NEO flashed buying signals while Bitcoin leads the newest bull cycle in the crypto market. The TD sequential indicator presented a buying signal on the 12-hour charts, which suggested that the momentum is building for an upswing. The bullish formation developed in the form of a red-nine candlestick. If it gets validated by the spike in buying pressure, NEO could rise for one to four 12-hour candlesticks or start a new upward countdown.
NEO will have to break above the 50-twelve hour moving averages, which are now serving as a stiff resistance. If this hurdle is turned into support, it could increase the odds for a further advance to the next area of interest, around the 100-twelve hour moving average. The trend-following indicator is now set at $19. Given the rally that bitcoin is going through, it is reasonable to assume that NEO could experience an explosive price action. If the $19 hurdle is not out of the way, the prices could increase towards the trendline at $22.5.
It’s also worth noting that the greed index is now dominating the sector, and based on it, when investors grow bullish, a steep correction follows. The fundamental index is now incredibly accurate at anticipating the downturns in the market. NEO took a 30% nosedive in September after the greed index went into “extreme greed” territory. A similar event happened in February, which was succeeded with a huge 76% correction. Investors have to pay close attention to the 200-twelve-hour moving averages on the NEO 12-hour charts. A sudden spike in the selling pressure, which leads the price below the crucial support level, will invalidate the bullish outlook. This way, the cryptocurrency could drop to the next major support barriers at $13.
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