NEO had staged a pullback from the $13.00 area after the broader cryptocurrency market suddenly turned sharply lower on Tuesday.
NEO technical analysis shows that bulls must defend the $10.00 level in order for the NEO/USD pair to continue its recent advance.
NEO medium-term price trend
NEO has pulled back towards the $11.00 resistance level after the cryptocurrency rallied to its highest trading level since late-February 2020 earlier this week.
NEO price analysis shows that bulls must keep the cryptocurrency above the $10.00 level in order to attract medium-term dip-buying interest.
Technical analysis shows that the NEO/USD pair remains technically bullish while the price trades above its 200-day moving average, around the $10.00 level.
The daily time frame shows that the cryptocurrency also recently tested the top of a falling wedge pattern before the recent reversal took place.
Traders should note that a breakout above the top of the triangle, around the $13.00 level could cause the NEO/USD pair to surge by around $7.00.
NEO short-term price trend
NEO technical analysis over the short term shows that the cryptocurrency only has a bullish bias while the price trades above the $10.50 level.
The four-hour time frame continues to show that a bearish head-and-shoulders pattern will form if the price reaches the $9.00 level.
According to technical analysis, weakness below the $11.00 support level may trigger more short-term weakness.
According to the size of the potential bearish reversal pattern the NEO/USD pair could fall towards the $5.00 level.
It is noteworthy that bulls need to move the price above the $13.00 level to negate the possibility of a bearish pattern forming.
NEO technical summary
NEO technical analysis shows that the NEO/USD pair will turn bearish if price moves under the $10.00 level. A breakout above the $13.00 level is required to trigger a major rally.
