Neo price formed a solid support near $30.00 and moved higher against the US Dollar. NEO/USD has to clear the $34.40 resistance to recover further.
Key Talking Points
- Neo price is moving higher and is currently well above $32.00 against the US Dollar.
- There is a key bearish trend line in place with resistance at $34.40 on the 2-hours chart of the NEO/USD pair (data feed by Bitfinex).
- The pair must clear the $34.40 and $35.00 resistance levels to move towards the $40.00 level.
Neo Price Chart Analysis
There was a strong buying interest noted above the $30.00 level in Neo price from against the US Dollar. The NEO/USD pair started an upside move and traded above the $32.00 and $32.50 resistance levels.
The chart suggests that the price gained momentum after it formed a low at $30.31. It broke the 23.6% Fib retracement level of the last drop from the $41.07 high to $30.31 low.
Additionally, there was a break above a crucial bearish trend line with resistance at $32.80 on the 2-hours chart of the NEO/USD pair. However, the pair is now approaching another resistance near the $34.40 level.
There is another key bearish trend line in place with resistance at $34.40 on the same chart. The same trend line is positioned with the 100 simple moving average (2-hours) and $34.50.
Moreover, the 38.2% Fib retracement level of the last drop from the $41.07 high to $30.31 low is also at $34.40. Therefore, a successful break above the $34.40 resistance may perhaps open the doors for more gains in the near term.
The next hurdle for buyers is near $35.00, above which, there are chances of solid gains towards the $40.00 level.
On the flip side, if neo buyers fail to push the price above the $34.40 level, there could be a downside reaction. On the downside, the previous resistance near $32.00 may well act as a support, followed by the all-important $30.00 handle.
Overall, the price action suggests more gains in neo price if it succeeds in clearing the $34.40 resistance.
The market data is provided by TradingView.