- NEO price is battling for a support above $40.00, on the upside, $41.00 is limiting gains.
- Indicators signal that the bullish trend will continue in the medium-term.
NEO price has defied the odds in the market to record a 6.33% rise in price on Thursday. The digital asset dipped to record lows of $35.85 before the bulls entered and forced a trend reversal in spite of the extended declines since the start of the week. The price formed a brief bullish trend before breakout above $40 resistance level and is currently seeking to find a support.
The 50 SMA on the 15 minutes chart is crossing above the longer term 100 SMA, while the MACD is moving towards the positive region sending signals of a continued bullish trend in the medium-term. The immediate resistance is provided by the 50% Fib retracement level with the last high leg of $46.1 and a low of $35.85 around $41. The next supply zone on the upside is at $45.00 which could also pave the way for NEO/USD to scale the levels above $50.00.
The zone at the 61.8% Fib with the last swing high of $46.1 and a $35.85 low slightly below $40.00 will work as an immediate support. If the trend reversal occurs and the short-term bullish trendline fails to hold, the demand zone on the flipside is at $38.00.
In other news, NEO is still continuing with its Europe tour and the next step according to a Twitter announcement is Switzerland. Th network had stopped in the country before but has decided to come back due to the enthusiasm of the Swiss community. The meeting will be held at the University of Geneva.
NEO/USD 15’ chart