NEO price analysis: NEO/USD on recovery track, still below critical resistance of $7.80


  • NEO has been recovering since October 16.
  • The upside momentum needs to be stronger to take the price above $7,80.

NEO, currently the 21st largest coin with the total market value of $527 million, has gained about 1.7% in recent 24 hours to trade at $7.5 at the time of writing. Since the beginning of Tuesday, NEO/USD has gained about 1%. The coin has returned to the levels registered at the beginning of the year,. The annual losses exceed 50%.

Notably, NEO celebrated its third birthday on October 17. This day in 2016 NEO's MainNet was launched into operation.

"October 17th 2019 marked the third anniversary of the  [$NEO](https://twitter.com/search?q=%24NEO&src=cashtag_click)  MainNet launch. Multiples activities were held to commemorate, such as an open letter to the community, a brand revamp, new website launch, twitter campaign, and a mini-documentary by NNT," the team wrote on Twitter.

NEO/USD, the technical picture

Looking technically, NEO/USD bottomed at $6.82 on October 16 and has been climbing slowly ever since.  From the longer-term point of view, it is still below $7.80, the upper boundary of the recent range. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $8.00, closely followed by SMA50 (Simple Moving Average) daily at $8.13. 

On the downside, SMA50 one hour creates initial support on approach to $7.30. It is followed by SMA100 and SMA200 at $7.25. A move below this area will allow for an extended sell-off towards psychological $7.00 and $6.70,  the lowest level since September 25.

NEO/USD, one-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: 100x growth in next 9 years?

BTCC head Bobby Lee waits for Bitcoin for $1 million in 9 years due to the unwise policy of central banks, as well as due to demand on "digital gold". But this is then, and for now, Bitcoin is unable to hold even above $9K.

More Bitcoin News

Litecoin (LTC) locked in a range amid low market activity

Litecoin (LTC), the sixth-largest digital asset, has been moving sideways recently. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. 

More Litecoin News

Crypto Today: China promises not to use digital Yuan to intrusion

The main actors of the crypto board continue to express the lack of trend force that began on Monday. Cardano stands out today with a rise of 2.15% against the US dollar.

More Cryptocurrencies News

Ripple price prediction: XRP/USD drifts towards $0.2700 – Confluence Detector

Ripple’s XRP has been drifting down towards the support area at $0.2700 since the beginning of the week. The coin touched $0.2893 low on Monday, though a host of stop orders located around $0.2700 stopped the sell-off and pushed the price to $0.2730.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls wasted their chance

Bitcoin has been oscillating in a depressingly tight range since the beginning of November. Vanishing volatility makes it harder to engineer a decisive breakthrough from the range. 

Read the weekly forecast

BTC

ETH

XRP