NEO price analysis: NEO/USD extends gains above $20.00 in the wake of NewEconoLabs (NEL) dev report
|- NEO is facing critical resistance at $23.5 but the trend is bullish above $20.00.
- NewEconoLabs (NEL) is a China-based community development team that focuses on improving the NEO ecosystem.
NEO has maintained an uptrend since the recovery from $18.50 support started. The upside momentum, however, ran into critical resistance at $23.50 on September 1 and since then the buyers have been unable to break past this critical level. There has not been a shortage of subtle downside corrections since the month’s trading began on Saturday last week. The declines have been protected above $21.00 as the buyers battle for a pullback towards $25.00 and eventually $30.00.
NewEconoLabs (NEL), the China-based community development team that focuses on improving the NEO ecosystem today released its bi-weekly report. The report touched on projects such as NEODUN, CryptoGladiator among other vital NEL projects. The NEL blockchain and wallet have both been updated. The browser has the capability to automatically set to the language of the user in this case, English or Chinese. The NEL wallet, on the other hand, has been improved in various ways relating to the user experience, for instance, a new user interface is currently in development while changes have been added to data loading methods on the platform.
Meanwhile, NEO is trading at $23.2 above the 50SMA (hourly). It is up 1.51% on the day, moreover, the bulls are intent on pushing for higher corrections towards $25.00. NEO/USD is likely to move sideways as the stochastic revamps the slope upwards. A weak support is established at $23.00 but the 23.6% Fib level will offer a stronger anchorage above $21.5. Another support is observed at $18.50 (August 18) low.
NEO/USD 1-hour chart
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