NEO price analysis: NEO/USD capped by $80.00; bias remains bullish
|- NEO is 62% lower from the peak, but in green relative to the beginning of the year.
- Mid-term momentum is bullish as long as the coin stays above $60.00.
Believe it or not, but NEO has returned to the levels where it started the year. NEO/USD tested 79.72 on Saturday against January 1 opening level of $74.98. The coin bottomed out at $44.15 on April 6 and gained 78% since that time, being one of the best performing altcoins in April.
While NEO Council Euro Tour and NEO Dev conference in Tokyo help to create a buzz around the coin, the main reason for the extended upside is buying interest amid improved market sentiments. NEO, often called "Chinese Ethereum" is very popular among Asian investors, responsible for the big chunk of all cryptocurrency transactions.
NEO remains the 10th largest digital coin by market value with current capitalization $4.8B and daily trading volumes $123.5B.
NEO mid-term outlook remains moderately bullish as long as the coin stays above 50-DMA. broken on April 18. Currently, this MA sits at $67/80, creating a good support ahead of critical $60.00. On the upside, $80.00 is the first hurdle; it is followed by $92-$94 area, that includes 61.8% Fibo retracement. The ultimate long-term target is $100.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.