NEO price analysis: NEO/USD capped by $80.00; bias remains bullish

NEO is 62% lower from the peak, but in green relative to the beginning of the year.
Mid-term momentum is bullish as long as the coin stays above $60.00.

Tanya Abrosimova Independent Analyst

Believe it or not, but NEO has returned to the levels where it started the year. NEO/USD tested 79.72 on Saturday against January 1 opening level of $74.98. The coin bottomed out at $44.15 on April 6 and gained 78% since that time, being one of the best performing altcoins in April.

While NEO Council Euro Tour and NEO Dev conference in Tokyo help to create a buzz around the coin, the main reason for the extended upside is buying interest amid improved market sentiments. NEO, often called "Chinese Ethereum" is very popular among Asian investors, responsible for the big chunk of all cryptocurrency transactions.

NEO remains the 10th largest digital coin by market value with current capitalization $4.8B and daily trading volumes $123.5B.

NEO mid-term outlook remains moderately bullish as long as the coin stays above 50-DMA. broken on April 18. Currently, this MA sits at $67/80, creating a good support ahead of critical $60.00. On the upside, $80.00 is the first hurdle; it is followed by $92-$94 area, that includes 61.8% Fibo retracement. The ultimate long-term target is $100.

NEO/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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