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Neo price analysis: NEO/USD continues to trend in a narrow range

FX Street
Updated:
  • NEO/USD keeps trending in the $6.98 to $7.88 range for the last two weeks.
  • The 20-day Bollinger jaw shows decreasing market volatility.

NEO/USD went down from $7.55 to $7.51 so far today. The price has been trending in the $6.98-$7.88 range for the last two weeks. The hourly breakdown shows that the price fell to $7.48 before correcting itself around $7.51. The bulls will need to break past the $7.43 resistance level to trend above the 20-day Simple Moving Average (SMA 20) curve. If they manage to do so, then they should have the momentum needed to break above the narrow range.  

NEO/USD daily chart

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The price is trending below the SMA 20, SMA 50 and SMA 200 curves. The 20-day Bollinger jaw has narrowed, indicating decreasing market volatility. Both the Moving Average Convergence/Divergence (MACD) indicator and Elliott Oscillator has had three straight bullish sessions.  
 

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