With the bullish momentum expanding in the altcoins sector, the top cryptocurrencies make a solid comeback. Rising 40% overnight at great speed, the NEO token price makes it to the top performer’s list today.
With many such altcoins in a massive uptrend, the pre-halving rally is potentially the driving fuel for this bull run. Will this uptrend drive the altcoin to a massive year-long rally? Find out now in Coinpedia’s Neo Price Prediction.
Massive Demand Births Channel Breakout
Tradingview
Ranking at the 77th position in the top 100 crypto list, NEO approaches a market cap of $1.50 Billion. The 40% jump overnight in NEO price brings out a massive bullish engulfing candle in the daily chart adding more credits to a potential moonshot.
As the volumes are up more than 4000%, the growing demand is crystal clear, making it a trending coin. Further, the uphill sprint changes the dynamic of a long-coming bullish channel.
As the NEO price breaks above the overhead resistance trendline, the uptrend surpasses the psychological barrier of $20. The bull run peaked at $22.45 last night and currently trades at $20.89 with an intraday drop of 4% as a retest/pullback.
Technical Indicators:
EMA: The ongoing rally sprouts from the 50D EMA, which sustains a positive alignment with the 200D EMA. Thus, the dynamic support lines reflect a bull run in position and stand in position to prolong the rally.
Will The NEO Price Reach $30?
With the bullish channel breakout and the massive engulfing candle, the altcoin is ready to enter the blue sky zone. However, despite the massive support of trading volume, NEO price must sustain above $20 for a trend continuation.
For an upside entry spot, as per the trend-based Fibonacci levels, the $22 breakout is feasible. Optimistically, this breakout could lift off the altcoin rally to the $30 mark this week.
Credit: Source link
