- NEO/USD remains trapped between 50 and 200-HMA.
- Hourly RSI has ticked higher above the midline.
- 200-HMA is likely to be tested in the near-term.
NEO (NEO/USD) witnessed good two-way businesses on Friday, having finally settled in the red after fading a spike above the $23 mark.
So far this Saturday’s trading, the buyers have regained control, allowing a tepid bounce in the spot. At the time of writing the No. 19 coin rises 2.4% to $21.82.
Looking at it technically on the hourly chart, the price is trending upwards after bottoming out last Tuesday at $18.60, carving out a potential rising channel formation. Meanwhile, the sellers continue to lurk above $23, leaving the rates in a familiar range.
The NEO bulls have managed to defend the 50-hourly Simple Moving Average (HMA) at $21.60 on Saturday, despite the overnight drop to near the $21 region.
Over the last hour, the spot