NEO price analysis: Manages to bounce, but can't run enough; Switzerland calls for study on 'e-franc' crypto

NEO bounces off, but finds blockage.
Switzerland calls for study on crypto 'e-franc'

Manoj B Rawal Independent Analyst

NEO, which has remained a laggard for quite some time, manages to bounce on Friday, but finds barrier in the form of a descending trendline that won't be easy for the bulls to cross past, as the volume and volatility are almost absent from the crypto market.

NEO/USD is trading mildly in the green at $57.86 and is trading in a small range of $56 and $59. On the hourly chart, NEO sitting exactly at the resistance trendline, drawn from highs of this week of and would be a bit of a task for the bulls to cross in the absence of lost volumes and shrinking volatility.

Among the news that favours cryptocurrencies, Switzerland has called for a study to have its own cryptocurrency 'e-franc', as reported by Reuters and if the proposal is approved, a study will be produced by the Swiss finance ministry. No timing has been given on when it would be published should the go-ahead be given.

NEO/USD 60-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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