Bulls undermine the fall in NEO coin price as it emulates Bitcoin reaching $40K, with a 10% growth. Will the bullish rally reach the $35 mark? The NEO coin price gives a bullish breakout of the inverted head and shoulder pattern in the daily chart with the recent bullish candle of 10%. Moreover, the pattern breakout surpasses the 50-day EMA and hints at reaching the 200-day EMA. Will the bullish rally reach the $35 mark? Key technical points: NEO prices break above the $25 mark. The price jump challenges the 100-day EMA. The 24-hour trading volume in the NEO token is $700 Million, indicating a 190% rise. Past Performance of NEO On February 17th, the NEO coin price imitates the Bitcoin price action with a 7% retracement resulting in a bearish engulfing candlestick. However, as the BTC bears start to take a breather, the bulls overtake the trend control in NEO/USD chart. It is evident by the 10% growth in a single day resulting in the breakout of $25. Observing the bigger picture, the NEO coin price resonated between $21 and $25 during the early days of January 2022, thus creating the left shoulder. However, the prices fell to $17before a 40% boom from $17 to regain the $25 mark and complete the head. The selling pressure at $25 led to a consolidation in a sideways trend before the bulls managed to exceed the $25 mark. Thus, completing the left shoulder and breaking above the inverted head and shoulder pattern. Source-Tradingvie...
