Neo Price Analysis: Can NEO/USD Recover Further?

Neo Price Analysis

Neo price found support above $27.00 and recovered against the US Dollar. NEO/USD must break the $32.60 resistance to gain upside momentum in the near term.

Key Talking Points

  • Neo price formed a decent support base above the $27.00 level against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $29.50 on the 2-hours chart of the NEO/USD pair (data feed by Bitfinex).
  • The pair may perhaps move above the $32.50-60 resistance to test the $35.00 barrier.

Neo Price Chart Analysis

During the past few days, there was a sharp decline in Neo price from well above the $40.00 level against the US Dollar. The NEO/USD pair fell consistently and broke many supports such as $35.00, $30.00 and $28.00.

The chart suggests that the price found a decent buying interest above the $27.00 level. A low was formed at $27.13 before the price started an upside correction. It moved above the 23.6% Fib retracement level of the last decline from the $41.37 high to $27.13 low.

Neo Price Analysis

More importantly, there was a break above a major bearish trend line with resistance at $29.50 on the hourly chart of the NEO/USD pair. The pair gained pace above the $30.00 level and settled above the 100 simple moving average (2-hours).

However, the upside move faced sellers near the $32.50 level and the 38.2% Fib retracement level of the last decline from the $41.37 high to $27.13 low.

The price is currently consolidating gains above the $31.00 level and it seems like it could correct a few points in the near term. On the downside, an initial support is around the $30.50 level and the 100 SMA.

Below the 100 SMA, the price may revisit the $29.50 support area. As long as the price is above these supports, it could make an attempt to break the $32.50-60 resistance zone.

The overall price action is stable above $30.00. Neo price may perhaps extend the current recovery towards $35.00 if buyers remain in action.

The market data is provided by TradingView.