NEO ($NEO ) is showcasing a bullish market structure, which is backed by a rounding bottom pattern and significant price recovery. Analysts suggest NEO could rally to $29.07 and $35.83, provided it breaks through critical resistance at $22.02. However, caution is advised due to short-term bearish signals on the 4-hour chart.

Rounding Bottom Formation Signals Long-Term Bullish Reversal

The 4-day chart for NEO reveals a rounding bottom, a classic reversal pattern transitioning from bearish to bullish trends. This is further reinforced by a V-shaped recovery, indicating that buyers are optimistic about NEO’s future.

  • NEO recently bounced off the 0.382 Fibonacci retracement level near $16.99, reaffirming strong support and setting the stage for further gains.

  • Breaking the $22.02 resistance level could pave the way for a sustained uptrend.

Source: X

Key Price Targets for NEO

Market analyst VipRoseTr has outlined two major price targets:

  1. $29.07: A significant resistance level corresponding to previous highs and Fibonacci retracement levels.

  2. $35.83: A crucial bullish breakout point that could open the door to even higher gains.

Breakthrough Catalyst: A decisive breach above $22.02, supported by increased volume, will validate the bullish trend.

Rising Wedge on the 4-Hour Chart Sparks Short-Term Caution

While the long-term outlook is bullish, the 4-hour chart reveals a rising wedge pattern, a potential bearish signal.

  • The RSI (Relative Strength Index) is at 71.83, indicating that NEO is currently overbought and may face a correction or consolidation before resuming its uptrend.

  • A breakdown from this pattern could push NEO towards the $15.50–$15.00 range in the short term.

4-hours NEO trading chart | Source: Tradingview

Key Levels to Watch for NEO’s Next Move

  • Bullish Case: A breakout above $22.02 could propel NEO to $29.07 and ultimately $35.83, supported by increased trading volume and sustained momentum.

  • Bearish Case: A fall below $16.50 might lead to a retest of the $14.00 level, though this would likely be a temporary setback rather than a rejection of the overall bullish trend.

Will NEO Reach $35?

NEO’s long-term bullish structure, driven by strong accumulation and technical indicators, positions it as a promising contender for further gains. Watch for a breakout above $22.02 to confirm its upward trajectory.

#NEO #CryptoNews #CryptoTrading #TheCoinRepublic #TechnicalAnalysis