NEO Technical Analysis: Will Bulls Give a 30% Breakout Rally?

NEO coin price shows increased selling activity near the resistance trendline evident by the higher price rejection. Will bulls withstand the selling? Key technical points: NEO coin price struggles to reach the 100-day EMA. In addition, the MACD and signal lines continue to increase the bullish spread. Finally, the 24-hour trading volume of Neo is $225 Million, marking a 25% fall. Past Performance of NEO The NEO coin price shows a sudden growth in buying pressure near the weak support level of $19. The rally breaks above the psychological mark of $20 and the 50-day EMA with a 20% jump last week resulting in a rally to the resistance trendline. However, the rally struggles to surpass the sellers-driven trendline evident by the higher price rejection wicks formed in the daily candles. Source-Tradingview NEO Technical Analysis NEO coin price shows a high probability of a bearish reversal to the $19 mark as the higher price rejection is significantly evident. However, the bullish momentum is significantly higher than the previous attempt teasing a breakout possibility. The crucial EMAs (50, 100, and 200) defend the bearish alignment as the bulls outperform the 50-day EMA and head higher to the 100-day EMA. The struggle to sustain above the 50-day EMA continues but the breakout of the 100-day EMA can result in a 20% price jump. RSI Indicator: The RSI slope shows a bullish divergence in the past two peaks at the resistance trendline...