Home NEO price analysis: NEO/USD bulls claw back ground, fight for $8.00
Crypto News

NEO price analysis: NEO/USD bulls claw back ground, fight for $8.00

NEO broke free from the range and gained over 10%  in recent 24 hours.
The upside momentum may be limited by a strong resistance on approach to $8.00.

Strong bullish momentum helped NEO climb to the 20th place in the global cryptocurrency rating. At the time of writing, NEO/USD is changing hands at at $7.8 with over 10% gains on a day-on-day basis. The coin touched $8.15 during early Asian hours but failed to hold the ground above critical resistance. NEO’s market value has exceeded $550 million, while an average daily trading volume hit $300 million.  

NEO/USD, the technical picture

NEO/USD  broke free from the tight range and extended the recovery towards the next strong resistance of $8.00. The first attempt to push higher was nit successful; however, once it is out of the way, the upside is likely to gain traction with the next focus on  $8.54 (the middle line of one-day Bollinger Band) and psychological $9.00 strengthened by SMA50 (Simple Moving Average) daily.  

On the downside, a sustainable move below $7.68 (Monday’s high) will lead to increased selling pressure and push the price towards the next critical barrier located on the approach to $7.00. Once below, will come back into focus.$6.70.

NEO/USD, four-hour chart

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.