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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300. A shall green candle on a weekly chart is a promising signal, though the market is still gripped with uncertainty at this stage. 

More Bitcoin News

XRP/USD drops below $0.2000 after a failure at $0.2030

XRP/USD tested the intraday high at $0.2031, but the strong resistance located around this area discouraged the short-term bulls and pushed XRP/USD below $0.2000 by press time.

More Ripple News

ETH/USD breaks out into the $220 zone, will it be $230 or $210 next?

Ethereum price followed in the footsteps of the largest cryptocurrency by market capitalization, Bitcoin. BTC sprung upwards and for the first time in seven days, stepped above $9,600.

More Ethereum News

EOS/USD slumps below 4-hour SMA200, focus on $2.54

EOS/USD attempted a recovery above 4-hour SMA200 (currently at $2.65) and touched the intraday high at $2.67. However, the upside momentum proved unsustainable as the price of the digital asset dropped to $2.62

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast

BTC

ETH

XRP