Neo price is gaining upside momentum with a break above $100 against the US Dollar. NEO/USD remains in an uptrend for more gains.
Key Talking Points
- Neo price is in a major uptrend and it recently broke the $100.00 mark against the US Dollar.
- There is a crucial ascending channel forming with current support at $95.00 on the hourly chart of NEO/USD.
- The pair might continue to grind higher towards the $105 and $110 levels in the near term.
Neo Price Chart Analysis
A fresh upside wave was initiated in Neo price from the $60.00 swing low against the US Dollar. The NEO/USD pair made good upside ground and was able to move above the $75.00 and $90.00 resistance levels.
The upside move was very strong as the price breached the $100.00 mark and traded to a new high at $106.47. Later, a minor correction wave was initiated and the price moved below the 23.6% Fibonacci retracement level of the last wave from the $80.00 low to $106.47 high.
Currently, it seems like there is a crucial ascending channel forming with current support at $95.00 on the hourly chart of NEO/USD. The pair remains in a major uptrend and is currently testing the $95.00-96.00 support area.
The $96.00 support is also the 38.2% Fibonacci retracement level of the last wave from the $80.00 low to $106.47 high. Therefore, a break below the $96.00 and $95.00 support levels won’t be easy.
As long as the channel support is intact and the price stays above $95.00, it could move back above the $100.00 level in the near term. Above the $100.00 level, the recent high of $106.47 will most likely be retested.
Any further gains should push Neo price towards the $110.00 level. On the downside, the $95.00 holds the key. A break below $95.00 would open the doors for an extended correction towards the $90.00 level and the 100 hourly simple moving average, which is positioned at 85.00.
Trade safe traders and do not overtrade!