Supported by the increase of the total market capitalization and by the positive trading volumes registered in the last 6 consecutive days, the price of NEO has followed the evolution of most of the coins and has registered a growth of 1.61$ or almost 23%.
It's important to notice that after the price has crossed the 20 days Moving Average, the first candlestick which has been created was a green one and it can be considered as a confirmation of the bullish trend.
The beginning of this increase which was registered on the 7th of February has been signaled by 2 indicators :
* After a negative evolution on the 6th of February, the "fast" line of the Stochastic has crossed the "slow" one, indicating a possible change in the price direction which also eventually happened.
* After 26 days of a bearish trend, period in which the price has tried 4 times with no success to "jump" above the 20 days Moving Average, the MACD has finally went above the Signal and has announced a new "chapter" for NEO's evolution.
Today, even if the MACD is still showing that the trend will continue, there are 3 reasons to believe that a "correction" will happen anytime soon :
* The first one is the RSI which is getting close to the level of 70, meaning that the price is about to be considered "overbought";
* Secondly, the price has touched the upper standard deviation of the Bollinger Bands, indicating the same as the RSI does;
* Thirdly, the Stochastic's moving averages are above the level of 80 and close to register a crossover, and if that will happen it will indicate a possible change in the price direction.
Based on the actual circumstances, there are only 2 scenarios for the following days :
1.The price will start moving sideways and it will continue the increase after it will go below 8$ first;
2.After the period in which it will move sideways, the price will go below the Pivot Level, and the chances for this scenario to be caught off will be increased if the trading volumes will drop.
It's important to notice that after the price has crossed the 20 days Moving Average, the first candlestick which has been created was a green one and it can be considered as a confirmation of the bullish trend.
The beginning of this increase which was registered on the 7th of February has been signaled by 2 indicators :
* After a negative evolution on the 6th of February, the "fast" line of the Stochastic has crossed the "slow" one, indicating a possible change in the price direction which also eventually happened.
* After 26 days of a bearish trend, period in which the price has tried 4 times with no success to "jump" above the 20 days Moving Average, the MACD has finally went above the Signal and has announced a new "chapter" for NEO's evolution.
Today, even if the MACD is still showing that the trend will continue, there are 3 reasons to believe that a "correction" will happen anytime soon :
* The first one is the RSI which is getting close to the level of 70, meaning that the price is about to be considered "overbought";
* Secondly, the price has touched the upper standard deviation of the Bollinger Bands, indicating the same as the RSI does;
* Thirdly, the Stochastic's moving averages are above the level of 80 and close to register a crossover, and if that will happen it will indicate a possible change in the price direction.
Based on the actual circumstances, there are only 2 scenarios for the following days :
1.The price will start moving sideways and it will continue the increase after it will go below 8$ first;
2.After the period in which it will move sideways, the price will go below the Pivot Level, and the chances for this scenario to be caught off will be increased if the trading volumes will drop.
Price remains steady.