NEO price analysis: NEO/USD bulls have their eyes on $40; it is a do or die for them

• NEO price is testing the immediate resistance at $38.00, but eyes are glued on $40.00.
• The 61.8% Fibo, the trendline and the 50 SMA present a stronger support at $36.68.

NEO price recent uptrend formed a double top-pattern where the price made subtle lower corrections between the close of the session yesterday and the opening of the session on Thursday 19. However, the crypto has engaged a forward motion and is now battling to clear the short-term resistance at $38.00.

The bullish trend that began this Monday, has seen NEO/USD rise about 12.43% in a single week. The downside is that that the trend could not overcome the selling pressure at $40.00. Moreover, the reaction to the double-top pattern was short-lived with the support around the 61.8% Fibo between a $42.29 high and a $27.64 low. The Fib level support also coincides with the trendline and the 50 SMA supports on the 2-hour timeframe chart.

It is essential for the buyers to clear the immediate resistance at $38.00, besides a support above this could pave the way for an attack on the critical hurdle and upper supply zone at $40.30. Significantly, the trend is still bullish at the time of press, besides the RSI is pointing and pointing and moving further up to show that Bulls have the control.

NEO/USD 2-hour chart