NEO price analysis: NEO/USD strong daily gainer, jumps 3.6% but $50.00 is still out of reach for now
|- The trend is generally bullish, but the Bears are pushing for an entry around $41.5.
- The MACD momentum indicator is moving further into the positive territory (+2.5).
NEO price has continued with the fireworks after breaking above the key resistance at $40.00. However, the upside is still limited below the bearish trendline as observed on the 4-hour timeframe chart. NEO/USD is still making subtle gains, similarly, it is up more than 3.6% on the day.
The trend is generally bullish, but the Bears are pushing for an entry around $41.5. The buyers must put their best foot forward to ensure the price consolidates above $40.00 before attempting to recoil to $50.00 in the medium term. The upper supply zone is at the 23.6% Fib retracement level with the last high leg at $90.4 and low $27.5. If NEO trades above this level marginally above $50.00 we could see it make advances towards critical areas at $60.00 and $70.00 respectively.
Technically, NEO/USD chart shows that the bullish trend will progress in the short-term. The moving averages gap is closing in signaling for more buying entries. NEO price also trading above both the 50SMA and the 100 SMA. The MACD momentum indicator is moving further into the positive territory (+2.5). $35.00 is a support zone, while extended declines will be stopped at $30.00 and above $25.00.
NEO/USD 4-hour chart
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