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NEO price analysis: The bounce comes after a new low, but won’t hold

  • NEO hits new low of the year on Friday.
  • Saturday’s  bounce more of a dead cat bounce.

NEO gives a bounce on Saturday in a relief for the bulls who have been mauled to the hilt as the price of this crypto hits a new low of the year on Friday even as the bounce seen on Saturday won’t last longer.

NEO/USD is up more than 2 percent on day at $28.586 and near the high point of the day. After hitting new low of the year on Friday, at $26.717, NEO has bounced a bit and can go a little more higher towards $30 where it faces stiff resistance in the form a descending trendline on the 480-minute chart, which the bulls have not been able to cross everytime it reached there.

Near term support for the bulls is exactly at the Friday’s low of $26.70 while resistance is placed around $29.

NEO/USD 480-minute chart:

FX Street

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