NEO/USD price analysis: NEO price bumped into $140.00 resistance, as speculators taking profit

NEO/USD retraced from $140.00 on profit-taking
South Korea is the biggest market for NEO

Tanya Abrosimova Independent Analyst

NEO has been growing steadily and recovered over 117% since February 6 low. This is impressive enough to make the coin one the biggest growth leaders in the crypto universe. Having touched the critical resistance at $140.00, the coin retraced towards $136.00 as speculators preferred to take profit on their long NEO positions.

Being popular in Asia, the coin is very sensitive to everything that happens in the region. That is why milder approach towards crypto regulation in South Korea keeps NEO on the upside track.

The biggest NEO trading volumes are registered on the South Korean exchange Upbit with NEO transitions to the tune of $48B during the latest 24 hours. The second place goes to Binance with $36B of market turnover.

NEO price technical picture

NEO price briefly touched $141.16 before retracing to $138.00. As long as the coin stays above $125.00 (50-DMA), it has a good chance to retake $140.00 resistance level provided that the broader crypto market continues to recover. On the upside, the next resistance comes at $145 and at $150.00. On the downside, if $125.00 gives way, the sell-off may take NEO/USD towards $120.00 and the psychological $100.00.

NEO/USD, daily chart

Author

Tanya Abrosimova

Independent Analyst

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