NEO price analysis: NEO/USD looking to close on the weekly within the stubborn supply zone, but gradual signs of wearing this down
|- NEO/USD down on the session by 1.5% Friday, as the price consolidate before next firm move.
- The bulls have been gradually breaking down supply zone of $74-84.
The NEO price is seen down marginally by 1.5% on Friday as the supply zone from $74-84, continues to make life difficult for the bulls in their current task of attempting to break the area down, for further upside.
Strong gains have been observed for NEO/USD over the past four weeks now, within this period consecutively managing to close in the green. The price gaining a chunky 90%, rallying from $44 up to highs of $84.65
Resistance is as mentioned tough in the region of $74-84, but the bulls have continued to penetrate this area over the past two weeks now. This may suggest that the area is gradually being broken down, exposing it to vulnerabilities to come, for the bulls to exploit. Support is seen back at the ascending trend line, which is tracking around $55.
NEO/USD daily chart
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