NEO price analysis: NEO/USD lacks catalyst for upside momentum, gains protected by the $78.00 resistance level
|NEO price surges to break key resistance zones but meet bears at $78.00 level.
The major support level is $65.00, bearish entries could push the price below this level.
NEO price is trading in a range between a high of $78.00 and a low of $73.00 on Wednesday. The crypto lacks the push to cross above the resistance level. On the other hand, the bulls are holding ground and protecting declines below the immediate support level at $73.00.
NEO/USD is up by 9.96% in the last 24 hours after upside gains were started yesterday at $67.00 level. The cryptocurrency surged in price breaking above several resistance levels that also acted as support zones during the decent in the previous week. The 50-simple moving average is sloping slightly to the upside where it forms an immediate support level at $74.00.
The price is currently testing the 61.8% Fibonacci retracement level with the last high of $92.00 and a low of $49.00. Ripple is encountering stiff resistance at $78.00, however, for NEO/USD to gain further momentum to the upside, the price must move above this barrier. If this happens the path of recovery could see NEO trade above $80.00. On the downside, the major support level is at $65 level. Further declines could lead NEO/USD to trade close or even below this level.
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.