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Neo price analysis: Bulls on recovery mode

FX Street
Updated:
  • NEO/USD bulls took the price up from $9.09 to $9.27 this Friday.
  • Earlier on Thursday, NEO/USD went down from $9.50 to $9.09 after meeting resistance at the long-running trending line.

Neo has had a pretty impressive 48 hours. This Thursday, the price of NEO/USD went down from $9.50 to $9.09. Almost in retaliation, the bulls hit back and took the price up to $9.27 this Friday. For now, it looks like the overall sentiment remains bearish.

NEO/USD daily chart

The NEO/USD daily chart is sandwiched between really strong trending lines of resistance and support. This Thursday, the price of the asset bounced off the downwards trending line and went down to $9.09 from $9.50. This trending line has acted as market resistance since November 7th, 2018. However, the bulls got support from the upwards trending line and took price back upto $9.27. The Elliot wave oscillator shows that the overall market sentiment remains bearish.
 

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