NEO Price Analysis: NEO/USD makes an attempted jump for the stars, but hit with a blow again by chunky supply zone from $34.50-35.50
|- NEO jumped higher, seen up initially around 12%, before running into resistance.
- Heavy supply zone for NEO/USD tracks from $34.50-35.50, bears continue to sell rallies at any given opportunity.
The NEO price was seen holding decent gains of over 6% in the latter stages of trading on Tuesday, inline with the chunky rallies seen across the market. Bullish momentum was slowed down largely, by a known supply area.
NEO/USD has been stuck in a stubborn bearish trend since 18th July, dropping around 25% in value within that time frame. Only in the session today (Tuesday) has the price managed to seen some relief, but bears appear to continue to sit in the waiting for selling of rallies.
Technically, given the rejection and slow down within the above-mentioned strong touted supply area, tracking from $34.50-35.50, NEO/USD is likely to slip back south for the time being. Next support is eyed at $33.41 the 100MA on the 30-minute chart view, then $33, 50MA, further south sub $32, sees a demand zone.
NEO/USD 30-minute chart
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