$NEO has shown a strong upward move in the past 24 hours, gaining nearly 14% and reaching a current price of $6.803. This bullish momentum is supported by key moving averages on the 1-hour timeframe, with the MA(7) at $6.714, MA(25) at $6.361, and MA(99) at $6.185. The alignment of these averages—where shorter-term averages are above the longer-term ones—indicates a healthy short-term uptrend. The price is also trading close to its 24-hour high of $6.850, suggesting that bullish sentiment remains strong. If the price breaks above this recent high with sustained volume, NEO could see further gains, potentially testing psychological resistance at $7.00 or higher.
Trading volume adds further weight to this bullish setup, with 4.22 million NEO exchanged in the last 24 hours and a significant 27.11 million USDT involved in the trading pair. Volume indicators on the chart, particularly the MA(5) and MA(10) of volume, show a consistent flow of activity, which often accompanies or precedes continued price movement. However, after a sharp rise, there's always the possibility of a short-term correction or consolidation. Traders should watch for support near the MA(7) and MA(25) levels if a pullback occurs. Overall, the current technical setup favors the bulls, but monitoring volume and price action at key levels will be essential to confirm the strength of this trend.