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.

Tanya Abrosimova Independent Analyst

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