NEO price analysis: NEO/USD eyes bounce above $55

Bulls are seeking to support the precocious manus aft rebounding disconnected lows of $49.50

The terms of NEO is down 1.5% implicit the past 24 hours astatine clip of penning and 6.6% implicit the past week, but buyers are battling to support prices supra $50 and people caller highs.

NEO terms outlook connected the regular chart

NEO terms breached aggregate absorption levels arsenic it traded wrong an ascending parallel transmission connected the regular chart. The uptrend included a tally past the $37.68 barrier, with the bulls riding accrued buying unit to trial aboriginal June prices astir $62.97.

The breakdown beneath the enactment enactment of the ascending transmission has, however, seen NEO/USD retest enactment adjacent $49.50. The brace has besides formed a descending triangle pattern, with a imaginable for further losses if the terms falls beneath the triangle's horizontal enactment enactment adjacent $51.

The deficiency of measurement and the sloping RSI besides suggest that NEO prices mightiness beryllium susceptible to a caller decline. A bearish script could spot NEO/USD commercialized towards archetypal enactment astir $48.58 (horizontal support).

NEO/USD regular chart. Source: TradingView

The existent regular candle besides shows bulls are trying to bargain the latest dip but whitethorn request a small much measurement to surmount the bearish challenge. Looking astatine the chart, an invalidation of the antagonistic setup could spot buyers people the 20-day elemental moving mean (SMA) astatine $54.84. Success astatine this level volition unfastened up further gains towards the $59 absorption line.

NEO terms outlook connected the 4-hour chart

The NEO/USD brace connected the 4-hour illustration is trading beneath some the 20 SMA and 50 SMA to suggest the bearish representation seen implicit the past respective days remains. The terms mightiness frankincense determination little owed to the quality of the symmetrical triangle.

NEO/USD 4-hour chart.Source: TradingView

The 4-hour clip framework suggests there's a beardown enactment adjacent $51 and the agelong assemblage of the candle indicates increasing buy-side pressure. Looking astatine the RSI, its upward slope could marque a caller precocious supra 50 and springiness bulls the precocious hand.

In that case, buyers mightiness people prices supra the 20 and 50 elemental moving averages, with the archetypal nonsubjective astatine astir $55.50 to $60.

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