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Crypto Technicals: NEO/USD consolidates around 200-DMA, bias bullish

NEO/USD chart - Trading View 

Exchange - Bitfinex

Support: 11.03 (200-DMA); Resistance: 12.09 (38.2% Fib)

Technical Analysis: Bias slightly bullish

NEO/USD has been consolidating around 200-DMA since end October trade, bias is bullish.

The pair was trading 0.83% higher at 11.26 at 09:10 GMT after closing 0.99% higher in the previous session.

Price action is holding break above 21W EMA and 'Bullish divergence' on the daily charts keeps scope for upside.

GMMA indicator shows shift in minor and major trend to bullish. Both short and long term MAs are biased higher. 

Stochs and RSI are now biased higher and MACD is also well in the positive territory, thus supporting upside.

On the upside, major resistances align at 12.09 (38.2% Fib), 13.77 (50% Fib) and 15.66 (55W EMA).

Failure at 200-DMA will see weakness. Major supports align at 10.30 (21W EMA), 10.02 (23.6% Fib) and 9.76 (110-EMA).
 

By Anupama Grandhi
  • Market Data
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