NEO price analysis: NEO/USD recovers from oversold territory, upside may be limited

NEO recovers from the lows at $64.76 on the speculative positioning.
The upside may be short-lived is the general market sentiment changes.

Tanya Abrosimova Independent Analyst

NEO has bottomed out at $64.76, as the recovery across the cryptocurrency market helped the coin to get back to the level registered at the beginning go the Asian session around $70.00. NEO/USD stopped within a whisker from $63.63, February 6 low.

For the recovery to gain traction, NEO bulls need to take out $77.50, the resistance created by 50-SMA visible on the hourly chart. Once it is cleared, the next upside targets - 82.80 (100-SMA on the hourly chart) and 86.00 (61.8% Fibo retracement) - will come into focus.

Just as the rising tide lifts all the boats, NEO is drifting higher as long as the broader crypto market is recovering from the oversold territory. NEO is the seventh largest coin with the market capitalization over $4.6B. The total cryptocurrency market value dropped from $335B on Wednesday to $339B on Thursday. The crypto market cap peaked at $813.8 on January 7.

NEO/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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