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NEO: Short term downside protected

  • NEO prices well supported in the immediate term.
  • Long term volatility still remains, bounces expected.

NEO, the coin that has fallen more than 95 percent from its all time high, has found its prices well supported in the immediate term and a bounce can be expected while long term still remains under pressure as it still trades under enough resistances.

NEO/USD up 0.4 percent on day at $8.934, around high point of the day and in just about one percent range. On the 240-minute chart of this crypto, after falling from recent bounce it has stabilised around ascending trendline support that has come to its rescue in the recent pasts and has also resulted in good enough bounces.

While the bounce is expected, long term still remains under pressure as long as the prices fail to cross past this ascending trendline on the 480-minute chart, resistance of which is placed around $11.25 currently and also 200 days SMA at $12.46.

NEO/USD 240-minute chart:

NEO/USD 480-minute chart:

 

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