After the 2-month slump that started on May 5, cryptomarket prices are making a bounce back to upward trend. As of press time, total market capitalization is around $270 billion, and looks to break the $300 billion mark in the coming weeks. Bitcoin dominance is at 41%, which means that altcoins have not yet recovered well. Despite this, NEO appears to be one of the biggest gainers among altcoins in this week’s price action.
Looking at the BTC/USD price action, Bitcoin found strong support around the $5,800 level, which serves as the triple bottom mark. As of press time, Bitcoin is trading at the $6,600 level. Price made a break through the major downtrend that started on May 2018. There is resistance around the 0.236 Fibonacci level at the $6,800 mark, which coincides with the previous key resistance level. The MACD is slightly above the signal line, which indicates upward momentum. The RSI broke through the downward trendline and looks to continue upward momentum. All in all, Bitcoin is making a decent recovery, but price action is not yet in bullish territory. Price needs to break through the 0.236 Fibonacci level with upward RSI and MACD for a bullish scenario to be confirmed.
NEO appears to be one of the biggest gainers during the recent recovery. On the NEO/BTC trading chart, the price saw strong support around the 0.004629 BTC level. As of press time, NEO trades at 0.006395 BTC. There is strong upward trend facing strong resistance around the 0.382 Fibonacci level, which served as previous support line. The MACD is definitively above the signal line, which indicates that there is current strong upward momentum. The RSI broke above the downward trendline but is currently heading towards the overbought region. Further gains may come in the next days if price breaks through resistance. On the other hand, if RSI reaches overbought levels, a retracement back to the 0.236 level is possible, before another upward movement happens.
Trading over the USD, NEO price broke above the downward trend and is currently facing resistance around the 0.236 Fibonacci level. As of press time, NEO is trading at $41.46 mark. The MACD crossed over the signal line, which indicates that trading is currently on upward momentum. The RSI also broke through the downward trend and is looking to resume the upward trend. A successful close above the 0.236 Fibonacci level will target next resistance at the 0.382 Fibonacci level around the $53 mark.