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The NEO coin price can shortly break above the $25 mark as the uptrend gains momentum after the falling channel breakout. Neo claims to be a ‘rapidly growing and developing’ system that is in the process to become the basis that will enable the next generation of the internet — a brand new economy that is where digital payments, as well as assets and identities, are brought together. Following China’s prohibition of cryptocurrency last year, the whole market for cryptocurrency fell. One of the most affected tokens was Neo, the Ethereum-like token that was originally referred to by the name of “Ethereum of China.” However, Neo’s developers claim that the company is still in good shape regardless of the China ban. Let us move ahead to read about Neo technical analysis. Past Performance of NEO NEO coin price shows a similar trend as many other coins as it breaks above the falling channel pattern in the daily chart. The coin price shows a rally of 35% in the past two weeks resulting in the breakout of $20 and possibly $25 soon. The rally shows sustenance above the $22.5 mark indicating a high likelihood of bullish continuation.  NEO/USD Daily Chart NEO Technical Analysis The NEO coin price shows bullish follow-through candlestick after showing lower price rejection near the $22.5 mark. Therefore, the rally may shortly cross the $30 psychological barrier.  The Ichimoku Cloud Indicator shows the price on the verge of crossing into the bearish cloud. Moreover, the bullish crossover of the conversion and base lines gives an early indication of a trend reversal. The MACD indicator shows a sharp surge in the fast line as it crosses above the zero line mark in the daily chart. The slow line maintains a similar growth and indicates a solid uptrend in action.  The RSI indicator shows a growth in the underlying bullishness as the slope crosses into the nearly overbought zone. Moreover, the 14-days SMA breaks above the central mark indicating a solid uptrend in action. Therefore, the technical indicators keep a bullish sentiment for the NEO token. Upcoming Trend The NEO coin price shows the post-breakout rally gaining trend momentum and it may shortly breach the $25 mark. Hence, traders may shortly find another breakout entry opportunity.  The uptrend may find resistance near the $30 and $38 horizontal levels after the $25 mark. However, on the opposite end, the support levels are at $22.5 and $20.

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