NEO price analysis: NEO/USD tests waters above $35.00, but the long-term trend is still bearish
- NEO/USD tries to develop a bullish momentum on intraday level.
- Local resistance is created by $35.50.
NEO, the 13th largest coin, is trading at $35.00 to press time, with the long-term downside bias. The coin has gained 1.3% on a a daily basis and 6% since the beginning of Thursday. NEO has a market value of $2.2B and an average trading daily volume at $87M.
NEO's technical picture
On the intraday level, NEO/USD recovery is capped by $35.50 (Wednesday's high). Fresh selling interest spotted on approach to this level, may trigger the downside correction. If $35.00 gives way, $34.00 with 50-SMA (1-hour chart) on approach will come into focus, followed by $33.82 (100-SMA). Once it is cleared, the sell-off may be extended towards $30.00 and $27.00.
On a daily chart, NEO is capped by 50-DMA (currently at $36.70); the long-term trend remains bearish as long as the price stays belwo this level. A sustainable movement higher will bring $40.00 into focus. The ultimate bullish goal is at $44.27 (previous low of 2018).
NEO/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
