NEO price holds near $5.73 support with RSI at 52.93 and bullish MACD crossover forming.
NEO eyes breakout above $8.00 as volume steadies and historical range remains intact.
RSI and MACD show early bullish signs as NEO rebounds from $5.58 short-term support zone.
NEO/USDT continues to trade within a well-defined horizontal range between $4.50 and $7.80, with recent price movement nearing support levels. The market is observing early indicators of a short-term recovery, yet broader confirmation is pending.
NEO Maintains Multi-Month Consolidation Pattern
According to Alpha Crypto Signal, NEO has been consolidating in a horizontal channel for several months. The range has held between $4.50 on the lower end and $7.80 on the upper end. The current price, at $5.82, places NEO close to the lower boundary of this range.
Recent price action reveals that the price is retreating after the high of $7.80 made in late July. The decline has made NEO reach back into the demand level of 5.50-6.00. Previous history indicates that after prices have depreciated in the region, an upward correction is likely to occur, and this may force prices up to the high end of the range.
The trading volume is not high, amounting to 54K, and the situation in the market is calm. It would require a consistent volume expansion to determine whether there is a breakout against the resistance level.
Tweet Projects Possible Breakout Beyond $8.00
In a recent tweet, Alpha Crypto Signal suggested that a breakout above $8.00 could trigger a strong upward move. The forecast identifies $10.00 and $11.00 as the next levels should a breakout occur and be validated with a retest.
That pattern is expected to have a bounce due to the lows of $5.00 through 5.50, a move to the highs of 7.80, a breach of 8.00, and a retreat of 8.00 as support. Should this be completed, this delicate pattern could draw the attention of swing traders and algorithmic plans in the course of the $10-11 range.
Until such a breakout takes place, NEO remains inside a wide consolidation. Observers are watching for confirmation of either direction. Momentum above $8.00, especially on increased volume, would indicate a structural shift on the daily chart.
Short-Term Indicators Show Early Strength on Lower Timeframes
In the 5-minute chart, NEO depicts the initial traces of its rise after the lowest price of 5.58 was reached, and the current price is at 5.73. The Relative Strength Index (RSI) is at 52.93, indicating that there is a neutral momentum that is slightly in favor of bulls.
The MACD indicator is also registering a bullish cross, as the MACD line is indicating 0.01 and the signal line is indicating 0.00. The early bullish interest is evidenced by the fact that the histogram is printing green bars. Above the price of 5.80, it could reach higher, toward 5.90 or 6.00 as targets during one day.
Short-term setup can be disproved, however, in case the price fails to stay above 5.58. Short-term traders are tracking the RSI to rise above the 60 level and the MACD to expand the growth further to signify the momentum.
The strong European performance continues to put EO in the spotlight of scalpers and swing traders since the market is yet to argue on the orientation.
