- NEO trades at $6.50 with a 3.85% weekly gain despite a 2.98% 24-hour decline.
- Price respects ascending triangle support, with $6.80–$7.00 as the breakout level to confirm bullish momentum.
- Holding above the Ichimoku Cloud signals strength, but failure to clear $7 could keep price range-bound.
NEO is consolidating inside an ascending triangle structure while trading above the Ichimoku Cloud. Market conditions show buyers defending key support levels as bulls prepare for a potential breakout above $7 to extend recent gains.
Price Structure Signals Accumulation
According to The Crypto Express, NEO is rebounding strongly from its ascending trendline, forming higher lows since mid-April. This pattern indicates steady accumulation at increasing price levels, which often precedes a breakout when combined with bullish momentum.
The resistance area between $6.80 and $7.00 is a major decision point. This level aligns with a horizontal supply zone where previous rallies were rejected. Price is as of writing, hovering around $6.50 after a 2.98% 24-hour decline, yet it still posts a 3.85% gain over seven days.
Trading volume stands at $105.26 million in the last 24 hours. Buyers need to maintain pressure and show conviction to force price beyond the ceiling of the ascending triangle.
Ichimoku Cloud Strength and Bullish Setup
NEO is holding above the Ichimoku Cloud on the 2-day chart, a signal that typically indicates prevailing market strength. Price action staying above this cloud reinforces a bullish outlook as long as buyers defend the rising base of the triangle.
The Crypto Express tweet noted that a solid breakout from the current formation would confirm a broader bullish trend. Such a move could drive price toward $8 and potentially beyond, matching previous swing highs seen in April.
If NEO repeatedly fails to clear $7, short-term traders could secure profits, resulting in a pullback toward $6.00–$6.10 near the ascending support line.
Breakout Levels and Risk Management
As of now, the pattern of the ascending triangle form will hold as long as price continues to trade above the support line shown. A positive confirmation of the bullish set-up would be a confirmed candle close above 7 with increased volume and would bring in new buyers.
Failure to maintain this structure could shift price action lower. A breakdown beneath the trendline may expose prior consolidation zones at $5.50–$5.30, invalidating the bullish outlook temporarily.
Traders are watching price behavior around $6.80–$7.00 closely. Strong buying at this level would signal market confidence, while hesitation may keep NEO trading sideways within the pattern for longer.
