NEO price analysis: Manages to bounce, but can't run enough; Switzerland calls for study on 'e-franc' crypto
|- NEO bounces off, but finds blockage.
- Switzerland calls for study on crypto 'e-franc'
NEO, which has remained a laggard for quite some time, manages to bounce on Friday, but finds barrier in the form of a descending trendline that won't be easy for the bulls to cross past, as the volume and volatility are almost absent from the crypto market.
NEO/USD is trading mildly in the green at $57.86 and is trading in a small range of $56 and $59. On the hourly chart, NEO sitting exactly at the resistance trendline, drawn from highs of this week of and would be a bit of a task for the bulls to cross in the absence of lost volumes and shrinking volatility.
Among the news that favours cryptocurrencies, Switzerland has called for a study to have its own cryptocurrency 'e-franc', as reported by Reuters and if the proposal is approved, a study will be produced by the Swiss finance ministry. No timing has been given on when it would be published should the go-ahead be given.
NEO/USD 60-minute chart:
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