NEO Price Analysis

Neo Price Analysis: Can NEO/USD Recover Further?

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.

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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