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NEO price analysis: This rise never was a rally, only a pullback; recent lows could be at risk

NEO's recent rally was only a pullback.
New lows in the sight.

Manoj B Rawal Independent Analyst

NEO bulls may have to forget any meaningful rally in the prices as the recent rally in prices was only a pullback and is now at a risk of drifting all the way back to the recent lows of April, quite a contrast to some other cryptos like EOS which made new all time highs.

NEO/USD is currently down more than 4 percent at $60.07 and near the low of the day, which is at $59.01. NEO's long term daily chart shows the rise that we saw from April lows was only a pullback in overall downturn that this crypto is witnessing and any meaningul bull run is still a far cry.

On the short term though, there's a good support for the crypto right where the price is. Immediate resistance, though is around $62.28, just above the day's high.

NEO/USD 240-minute chart:

NEO/USD daily chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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