NEO Price Analysis

Neo Price Analysis: Can NEO/USD Break This?

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.

Neo Price Analysis

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.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: [email protected]
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