NEO price analysis: NEO/USD lacks catalyst for upside momentum, gains protected by the $78.00 resistance level
NEO price surges to break key resistance zones but meet bears at $78.00 level.
The major support level is $65.00, bearish entries could push the price below this level.
NEO price is trading in a range between a high of $78.00 and a low of $73.00 on Wednesday. The crypto lacks the push to cross above the resistance level. On the other hand, the bulls are holding ground and protecting declines below the immediate support level at $73.00.
NEO/USD is up by 9.96% in the last 24 hours after upside gains were started yesterday at $67.00 level. The cryptocurrency surged in price breaking above several resistance levels that also acted as support zones during the decent in the previous week. The 50-simple moving average is sloping slightly to the upside where it forms an immediate support level at $74.00.
The price is currently testing the 61.8% Fibonacci retracement level with the last high of $92.00 and a low of $49.00. Ripple is encountering stiff resistance at $78.00, however, for NEO/USD to gain further momentum to the upside, the price must move above this barrier. If this happens the path of recovery could see NEO trade above $80.00. On the downside, the major support level is at $65 level. Further declines could lead NEO/USD to trade close or even below this level.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
