NEO price analysis: NEO/USD breaks out of the ranging channel; the trading above $50.00 is short lived
|- NEO price trading volume has been fluctuating even reducing by half as much.
- NEO price must break above $50.00 level to avoid further declines and open the door for more gains to the upside.
NEO price has been avoiding sharp declines; except for the trading on Monday when it dipped to exchange hands at lows of $45.00. The price immediately recoiled towards $50.00 level. The cryptocurrency is in a general upside momentum; up by 6.46% in the last 24 hours.
NEO is the 9th cryptocurrency by market capitalization and has managed to maintain its market capitalization above $3 billion throughout the bearish past week. However, it is still low in comparison to the previous week’s $4 billion. On the other hand, its trading volume has been fluctuating even reducing by half as much.
Technically, during the recent decline, NEO/USD moved past the 23.6% Fib retracement level with the previous swing high of $70.00 and a low of $45.00. On the upside, the retracement level will offer resistance to price above $50.00. The short-term resistance for NEO/USD is at $50.00 (100 SMA).
There is a growing bullish momentum around $49.00; however, the price lacks enough force to push back above $50.00. NEO price must make it above this level to avoid further declines and open the door for more gains to the upside. The short support level is at $48.7 (50 SMA) while the major support level is at $45.00.
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