Is It Too Late to Buy NEO? NEO Price Gains 34% as a Fresh New Telegram Casino Token Grabs Attention

cryptonews.com:

Leading Chinese layer-1 Neo has exploded in a massive +34% move, but as NEO price pushes up, is it too late to buy NEO?

Known colloquially as ‘Chinese Ethereum’, NEO price has enjoyed a strong resurgence throughout the market-wide rally in ‘Uptober’.

Neo founder @dahongfei has unveiled the details of an EVM-compatible sidechain, with plans for TestNet to launch at the end of the year. https://t.co/6dCdV1entj

— Neo News (@NEOnewstoday) October 28, 2023

NEO’s recent price action has been fuelled by a major announcement by founder Da HongFei on October 27, which revealed that NEO is launching sidechains that eliminate MEV activity and blockchain censorship – giving a use-case to NEO’s settlement token GAS.

As NEO price battles resistance, NEO is currently trading at a market price of $12.47 (representing a 24-hour change of -5.25%).

This comes as NEO appears to have been rejected from a second-test of resistance at $15, a historic layer of resistance that rejected NEO price back in Mid-April.

With a two-pronged rejection, technical structure weakens, suggesting that NEO price could be heading into a retracement move on the short-time frame.

However, on the tail end of an impressive 136% rally from lower trendline support at $6.50, a proper retracement could be healthy – even in defiance of an ATH GAS to NEO balance.

Lower supports abound following the significant pump, with $11.37 emerging as a likely support level, still +16% above the 20DMA (which undertook a golden cross on November 5).

This would be timely for NEO’s RSI, which has been overheated significantly for 16-days at a technically oversold signal (currently 73.28).

While the MACD remains reflecting the bullish momentum behind the recent rally at 0.35.

Overall, NEO looks