NEO Displays Bullish Bounce, but Potential for Price Correction Looms
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NEO Displays Bullish Bounce, but Potential for Price Correction Looms

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1yr ago

The NEO market shows bullish momentum as price surges; however, caution is advised as volatility remains low and indicators suggest a potential correction.

NEO Displays Bullish Bounce, but Potential for Price Correction Looms
  • NEO market shows a bullish bounce, but price correction is possible due to weak ATR.
  • The positive trend is being supported by buying pressure, but caution is advised as MFI approaches the overbought zone.
  • Bullish momentum is fading, users must watch for trend reversal signals like a break below the 50-day MA.
The Neo (NEO) market has had a bullish bounce in the previous 24 hours, with the price going from a low of $12.56 to a high of $13.26. At publication, a 1.79% increase had been made to $12.84 due to the bulls’ persistent optimism.

If bulls can sustain a break over $13.26, they may see more resistance at $14.00 and $15.00, which might see increased buying interest from traders. If, however, the bears succeed in driving the price below the $12.00 support level, this might set off a sell-off and initiate a negative trend in the near future.

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