NEO price analysis: NEO/USD holding modest gains of 3% on Thursday, trading at 50 DMA

  • NEO/USD trading at 50 DMA
  • NEO up over 90% since the lows printed last week
  • Resistance heading into $140

 

The NEO price is on a steady path of recovery, resuming that direction on Thursday. A market wide theme of recollecting gains lost this year, remains to be the case. NEO is now up over 90%, since the lows of last week, at around $63.

Earlier in the week, it was reported that Chinese state media, Xinhua news agency, is uncovering channel that are being used to trade cryptocurrencies. Chinese authorities continue in all its efforts, to crackdown completely on crypto activity. These reports did not appear to have any negative influence on the direction of NEO.

Looking technically, NEO/USD is being supported to the upside, by an underlying trendline, on the daily time frame. Resistance is seen heading into the $140 region, which sees the upper trendline. Price currently, is trading at the 50 DMA.

 

NEO/USD daily chart

 

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