NEO Price Analysis

Neo Price Analysis: Can NEO/USD Stay Above $60?

Neo Price Analysis

Neo price declined sharply and settled below $70 against the US Dollar. NEO/USD remains in a downtrend and is at a risk of more losses below $60.

Key Talking Points

  • Neo price corrected higher recently, but it could not move above $70.00 against the US Dollar.
  • There is a monster bearish trend line in place with resistance at $68.00 on the hourly chart of NEO/USD (data feed by Bitfinex).
  • The pair may continue to move down if it fails to stay above the $61.00 and $58.50 supports.

Neo Price Chart Analysis

There was a heavy downside move from well above $80.00 in Neo price against the US Dollar. The NEO/USD pair declined and moved below the $74.00 and $70.00 support levels.

The chart suggests that the price even broke the $60.00 support level once and traded as low as $58.37. Later, it started an upside move and corrected above the $61.00 and $62.00 resistance levels.

Neo Price Analysis

The price even traded above the 38.2% Fibonacci retracement level of the last decline from the $77.30 high to $58.37 low. However, the price faced a major hurdle near the $69.00-70.00 zone. The 100 hourly simple moving average, which is currently at $67.00 acted as a major barrier.

Moreover, there was no close above the 50% Fibonacci retracement level of the last decline from the $77.30 high to $58.37 low. More importantly, there is a monster bearish trend line in place with resistance at $68.00 on the hourly chart of NEO/USD.

At the moment, the pair is trading near the $63.50 level, with an immediate support at $62.00. However, the most important support is near $60.00-61.00. If buyers fail to push the price above $68.00 and the 100 hourly SMA, there could be more losses.

A break below the $60.00 support may perhaps call for more losses below the $58.00 level in the near term. On the flip side, a successful close above the $68.00 and $70.00 resistance will most likely push neo price back in a bullish zone.

Trade safe traders and do not overtrade!

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]