NEO-USD 4-hour chart

NEO-USD 4-hour chart

Gate Trade neo Monday, May 11, 2020 389 0

The 4-hour chart shows that the failure of the bulls to sustain the price above the resistance line of the channel attracted profit booking. That dragged the price to just below the centerline of the channel.

However, strong buying close to $9.64 levels has pushed the NEO/USD pair back into the top half of the channel. This is a positive sign. If the bulls can scale the price above $10.50, a rally to the resistance line of the channel at $11.30 is possible Therefore, traders can buy at $10.50 with a stop-loss below $9.60.

On the other hand, if the pair dips below $9.63378, a drop to the support line of the channel is possible. A bounce of this level can also offer a low-risk buying opportunity.