NEO overview: NEO/USD remains bullish on the announced NEO-based DEX launch
- NEO is rangebound with bullish bias after Sunday's growth.
- NEO-based DEX to be launched on March 31.
NEO/USD experienced strong growth on Sunday. The coin touched $8.86, which is the highest level since January 10 and retraced to $8.50 by the time of writing. NEO now takes the 17th place in the global cryptocurrency rating compiled by CoinMarketCap, with a total market value of $541M.
NEO/USD has gained 12% in the recent month; however, it is still over 93% down on an annual basis.
Nash is coming
Meanwhile, the news about Nash, upcoming decentralized exchange built on NEO. The platform’s co-founder, Fabio C. Canesin announced the launch at NEO DevCon 2019 on Sunday.
This news might have served as a trigger for a short-term bullish momentum.
The platform is touted as a tool that will prove its users with the best of both worlds: convenience of centralized banking and security of the decentralized platform.
Nesh beta launch is scheduled on March 31; however, the community members are invited to get the platform and perform the troubleshooting.
NEO/USD, the technical picture
On the intraday level, NEO/USD is well supported by SMA50 (1-hour) currently at $8.34. Once it is cleared, the sell-off may be extended towards $8.17 (SMA200, 1-hour) and psychological $8.00. However, considering the upward looking RSI, an extended downside seems less likely.
The first line of resistance comes at $8.66 (February 13 high). It separates us from Sunday’s high at $8.86 and critical $9.00.
NEO/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
