NEO, IOTA and Tezos are all trading in the green as we head into the weekend and could extend their gains in the coming days
The cryptocurrency market performed well this week, with several altcoins rallying to new all-time highs. Ethereum set a new all-time high above $3,600 while Dogecoin almost touched $0.70 before a pullback.
NEO, IOTA and Tezos have been performing excellently over the past few hours and looked primed to extend their gains heading into the weekend.
$NEO looks ready to send to $200+
— K A L E O (@CryptoKaleo) May 7, 2021
IOTA price outlook
IOTA has risen by 3% in the past 24 hours. The IOTA/USD 4-hour chart shows that the cryptocurrency is trading well above its 100-day simple moving average (SMA).
IOTA/USD 4-hour chart. Source: Coinalyze
If the current positive run continues, IOTA could break past the $2.40 resistance point and head towards its monthly high of $2.60 over the weekend. Technical indicators, such as the RSI and the MACD, are showing that the cryptocurrency is on a bullish trend.
However, in the case of a pullback, the first support point at $2 would come into focus. Barring an extended loss, IOTA should comfortably defend its major support zone around $1.60.
NEO price outlook
NEO is also performing well at the moment and is up by 14% heading into the weekend. It is currently trading higher than its 100-day SMA ($97). The NEO/USD 4-hour chart indicates that the cryptocurrency is on a bullish run.
If the rally is sustained over the next few days, NEO could surpass the next resistance point at $135. An extended rally could see the cryptocurrency attempt a run towards $150 in the coming days. NEO’s 14-day RSI and its MACD lines both suggest that this bullish run could extend into the weekend.
NEO/USD 4-hour chart. Source: Coinalyze
However, if the cryptocurrency fails to surpass the $135 resistance point, it could slip, and bulls would be forced to defend the $112 support level. NEO has established a strong support at the $93 zone, and only an extended bearish trend could see the cryptocurrency dip that low.
XTZ price outlook
Tezos is the best-performer amongst the three altcoins. Its impressive rise by 17% over the past 24 hours pushed XTZ closer to the $8 mark. The XTZ/USD 4-hour chart shows that Tezos has established a strong support level around $7.30, giving it a chance to attempt a run at the monthly high of $8.40.
XTZ/USD 4-hour chart. Source: Coinalyze
Tezos can reach that level if the bullish run recorded over the past 24 hours is maintained. Its technical indicators are positive at the moment, showing that it could surpass the $7.90 resistance point and go past the $8 mark over the next few days.
A bearish trend could creep in if the broader market underperforms. In this scenario, bulls would need to defend the $7.20 support region again.
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Author: Hassan Maishera