Neo price traded towards the $60.00 resistance against the US Dollar. NEO/USD topped at $58.35 and is currently correcting lower towards the $53.50 and $51.50 supports.
Key Talking Points
Neo price made a short-term top around the $58.40 level against the US Dollar.
There was a break below a key bullish trend line with support at $56.00 on the hourly chart of the NEO/USD pair (data feed by Bitfinex).
The pair is correcting lower and is approaching towards the $53.50 and $51.50 support levels.
Neo Price Chart Analysis
There were bullish moved above the $50.00 pivot level this past week in Neo price against the US Dollar. The NEO/USD pair traded higher and broke a few important resistances such as $55.00 and $58.00.
The chart suggests that the price faced a solid selling interest above the $58.00 level. A high was formed at $58.35 before the price started a downside correction. It moved down and broke the $57.00 and $56.00 levels.
There was also a break below the 23.6% Fib retracement level of the last wave from the $50.18 low to $58.35 high. More importantly, there was a break below a key bullish trend line with support at $56.00 on the hourly chart of the NEO/USD pair.
The pair is now trading well below the $55.00 level and the 100 hourly simple moving average. On the downside, there are many supports above $50.00. An initial support is around $53.50 and the 50% Fib retracement level of the last wave from the $50.18 low to $58.35 high.
Below the $53.50 support, the next major buy zone is around the $51.50 level, which was a resistance earlier. Any further declines may perhaps put a lot of pressure on buyers and neo price may decline towards the $50.00 handle.
On the upside, the broken support at $55.00 and the 100 hourly SMA are likely to act as hurdle for buyers. Above the $55.00 hurdle, the price could accelerate gains and it could trade back towards the $58.00 level.