NEO price analysis: NEO/USD jumps 4% on Thursday, however a weekly close below $60 could be catastrophic
- NEO/USD enjoys relief bounce, jumping 4% on Thursday, receiving support at $50.
- Resistance is now tracking at $60, in proximity to the long-running trend line, a weekly close below could promote more selling.
The NEO price is seen up 4% during the midpoint of trading on Thursday, staging a rebound after the heavy consistent bout of selling it has encountered of late. Across the major altcoins a relief bounce has been observed, how sustainable this is will become clearer in due course.
NEO/USD managed to bounce off some support which was seen at the $50 mark, lows seen during the week of 19th March. Like many of the other major cryptocurrencies, NEO is currently trading within its fourth consecutive week of losses.
Should this relief bounce prove not to be sustainable, with the bears re-engaging in further selling, keep an eye on $50 of which came to the rescue during Thursday session. Then $44, the lows seen in last month’s trading, April. Resistance is now tracking at $60, which is where the long-running trend line sits, a weekly close below could be very inviting to the bears.
NEO/USD weekly chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
