NEO price analysis: NEO/USD flying the bullish flag high; hikes over 5% on Monday 20


  • The current bullish trend has legs at the newly established support at $10.50.
  • A support at $12.00 will allow the bulls to focus on the supply zone in the short-term.

NEO is the only asset that is bringing hope to the red painted cryptocurrency market. While most of the top twenty digital assets posting devastating declines between 4% and 7%, NEO has recovered by 5.8%. The reversal comes at a time when most assets are fighting to stay afloat above the essential support areas.

The current bullish trend has legs at the newly established support at $10.50. The losses that kicked off last Friday had dipped below both the 50 Simple Moving Average (SMA) and the 100 SMA. On find the above support the price attempted to recover above the moving averages but the upside remained capped at $12.00 until the ongoing breakout sent the price in successive candlesticks to the current value at $12.32.

The crypto has tested the next resistance target at $12.50 but failed to make headway towards the key supply zone at $13.50. Meanwhile the price is above the moving average while the SSTO has entered the overbought in turn confirming the bullish pressure. At the same time, the MACD has corrected above 0.0 (mean line) and likely to continue trending higher. A support at $12.00 will allow the bulls to focus on the supply zone in the short-term.

NEO/USD 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD bounces back, will the bulls hit $10,500?

Bitcoin is trading between the Simple Moving Averages support and resistance. The 100 SMA on the four-hour chart is offering support at $10,149 while on the upside the 50 SMA will limit movement at $10,364.

More Bitcoin News

Ripple has no incentive to dump XRP price - Ripple’s CEO Brad Garlinghouse

Speaking in the interview with CNN, Garlinghouse confessed that Ripple was the largest owner of XRP tokens, and thus the most interested party in the success of the project. Meanwhile, selling XRP onto the market does not qualify as the best success strategy.

More Ripple News

The cryptocurrency market update: Bitcoin consolidates gains, altcoins go nowhere

The cryptocurrency market situation has barely changed in recent 24 hours. Bitcoin and the majority of altcoins out of top-20 managed to recover during late Thursday hours; however, no major breakthroughs happened.

More Cryptocurrencies News

IOTA price analysis: MIOTA/USD bullish after symmetrical triangle breakout

IOTA has defied the broad-based bear pressure to post a subtle 1.3% increase in value on the day. Prior to the impressive correction on Monday, IOTA was consolidating above the short-term support at $0.2350. The initial recovery from the recent low at $0.2268 failed to break the resistance $0.25.

More IOTA News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP