NEO price showcase a double bottom pattern forming within a consolidation range with an intent to give a bullish breakout. Key technical points: The market prices have jumped by 5.46% in the last 24 hours. The price action shows a double bottom reversal attempt in the daily chart. The 24-hour trading volume of NEO is $62 Million, indicating a rise of 130%. Past Performance of NEO The NEO price action shows a sideways trend within a consolidation range after the fall of the psychological mark at $10. The consolidation range kept the movement trapped between $8 and $10 for the past month. However, the improving market condition increases the bullish influence on the consolidation range evident by the double bottom formation. Source- Tradingview NEO Technical Analysis The overhead resistance of the consolidation range at dollar 10:00 access the neckline of the double bottom pattern. Hence, the NEO prices must surpass the psychological mark to start a fresh bull run. The fast and slow lines in the MACD indicator showcase a sideways trend slightly below the zero line. The lines maintain a bullish alignment temporarily, indicating a bull cycle in motion, increasing the likelihood of a breakout. The RSI indicator shows a phenomenal increase in the underlying bullishness as the slope takes a rounding reversal to surpass the 14-day average line. However, the slope struggles to beat the Halfway line resulting in a minor setback as the d...
