NEO Leads Bullish Charge, Is The Reversal Underway?

NEO Leads Bullish Charge, Is The Reversal Underway?

For the last couple of weeks, the market’s bullish rallies have been unconvincing. Wednesday marks yet another attempt by the bulls to salvage the market from its wreckage and holders can only hope that this time it sticks. Yesterday- December 12, holders are being encouraged by the bullish mood sweeping the market. Leading this latest charge is NEO which managed to get up by 6%. However, the charge has come from way up in the market with a rally from bitcoin which is now trading above $3,500.

The rally has been largely fruitful as the market has pulled the total market cap above $110 billion, more than $2 billion from previous days.

Despite the market’s impressive performance in the last 24 hours, most coins remain miles away from where they were trading just four weeks ago. NEO, in particular, was trading in the highs of $15, an amount it has since slashed in half. At the time of press, the coin is trading for little over $6.00. Its market cap has also slashed in half from over $1 billion at the time to little over 400 million right now. This loss marks a 40% drop in the last four weeks. So, is a reversal still possible before the end of the year for NEO and by extension the wider market?

On Friday 07, NEO hit a new year low of $5.69 a position it luckily bounced back from in a couple of hours. If a bullish rally or reversal is to remain relevant, NEO has to avoid these lows at all cost and ensure it establishes a much higher support level, for now, it seems to have set it at the $5.83 position.

Next, the bulls will attempt a retest of the $6.78 position where they encountered resistance during Sunday 09 rally. Breaking this key level will launch it and push prices above $7.00. In case the bears are able to pull it back, the coin will be dragged back to $5.90.

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