💎 After breaking through a key supply level, the chart confirms that we're in the retesting phase, transitioning from supply to demand. For further confirmation, we need to see the daily candle sustain above this new demand zone and close as a rejection candle. If this occurs, NEO is likely to continue its upward trajectory, targeting the bearish Order Block (OB) or strong supply area.
💎 However, if NEO fails to maintain above the demand zone, it could reverse course and test the bullish OB area, where additional accumulation could be advantageous.
💎 The bearish OB zone also coincides with a resistance trendline from a descending channel, making it a pivotal area for NEO. A successful breakout from both the bearish OB and the descending channel would be a bullish indicator for NEO.
💎 This analysis would be invalidated if NEO breaks and closes below the key support level on the daily timeframe.