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  • NEO has two breakout zones; $56.00 to the upside and $53 – $52 on the flipside.
  • The 100 SMA is supporting the price close to the 50% Fibo, while 200 SMA will prevent declines at $52.00.

NEO price gathered the strength to attack the resistance zone at $56.0 but selling pressure was too high which culminated in the crypto making lower corrections to seek balance. The price has formed a double top pattern, followed by a short downside breakout that was stopped by the 50% Fib retracement level with the last high leg at $59.5 and a low of $47.6.

The price is currently trading at $54.2, but on the upside, the 61.8% Fibo will offer resistance before NEO/USD attempts to approach the breakout at $56.0 again. Beyond this NEO price will gain momentum to attack the key resistance at $60.0.

On the flipside, the 100 SMA is supporting the price slightly below the 50% Fibo, moreover, the 200 SMA will also offer support around $52.00. If NEO/USD slides below the support at $53 – $52.0, the price could test the bottom below $50.00 heading towards the major support area around $45.00.

NEO/USD 1-hour chart