Tanya Abrosimova
Independent Analyst
- NEO needs to get back above 200-SMA for an extended recovery.
- NEO-based DEX boasts head-spinning start.
NEO reversed from 38.2% for the decline from $146.00 to $44.15. The upside is capped by $83.0 for the time being, while the downside correction is likely to be limited by $68.3 (23.6% FIbo). Currently, NEO/USD is trading at $71.00 with neutral bias. NEO is down about 5% since the beginning of the year.
NEO is partially supported by the news that the first NEO based decentralised cryptocurrency exchange (DEX) Switcheo registered $2M trade volumes during the first week of operation. It is a stellar performance that pushed the exchange to the fourth position among global DEXs. The exchange supports 20 NEO-based tokens and plans to add ERC20 support in future.
NEO technical picture
On the intraday basis the first resistance is created by 200-SMA (hourly chart) at $75.00, once it is broken, the recovery may be extended towards $76.5 (50 and 100-SMAs) with $80.00 being the critical hurdle. On the downside, a sustainable move below $70.00 will expose the above-mentioned 23.6% FIbo at $68.3 and $60.00.
NEO/USD, the hourly chart
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