NEO Price Analysis

Neo Price Analysis: NEO/USD Could Accelerate Gains

Neo price formed a support base at $56.50 and climbed higher against the US Dollar. NEO/USD may well continue to move higher towards the $68.00 and $70.00 levels.

Key Talking Points

  • Neo price gained upside momentum and moved above the $60.00 resistance against the US Dollar.
  • There was a break above a key ascending channel with resistance at $62.00 on the hourly chart of NEO/USD (data feed by Bitfinex).
  • The pair is now placed nicely in a bullish zone with the next hurdles on the upside near $68.00 and $70.00.

Neo Price Chart Analysis

After a major decline from well above $70.00, Neo price found support against the US Dollar. The NEO/USD pair formed a low near $56.50 and started an upside move.

The chart suggests that the price managed to gain pace and traded above the $58.00 and $60.00 resistance levels. The upside move was such that the price even settled above $60.00 and the 100 hourly simple moving average.

Neo Price Analysis Chart

The price traded with a positive bias and followed a key ascending channel with resistance at $62.00 on the hourly chart. Later, buyers succeeded in breaking the channel resistance at $62.00 and the price climbed above the 50% Fibonacci retracement level of the last drop from the $69.26 high to $56.49 low.

There was an increase in buying pressure, which pushed the price in the green zone above $62.30. At the moment, the price is attempting a close above the 61.8% Fibonacci retracement level of the last drop from the $69.26 high to $56.49 low.

Therefore, there could be a minor downside correction towards $63.00 or $62.30 supports in the near term. It seems like any major downsides from the current levels are likely to find buyers near $62.30, which was a resistance earlier.

On the upside, a break above the $66.00 barrier will most likely open the doors for a test of $68.00. Above this last, neo price may well test the $70.00 resistance in the near future.

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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