NEO price analysis: NEO/USD clears tough supply zone, moving within rising channel, eyes on $100

NEO seen up 3% on Thursday, after running through strong touted supply zone.
Bulls are now eyeing up a reclaim of $100, last traded here on 8th March.

Ken Chigbo Independent Analyst

The NEO price is seen up on Thursday, holding on to decent gains of over 3%, as prices across the board are seen to be resuming the latest bullish bias. NEO/USD momentum gathered after clearing a strong supply zone.

An area seen between $75-85 was causing some problems for the bulls in their initial rally, proving to be a tough region to break down. Since 24th April price action has actually been forming ascending channel pattern, as seen on the 1-hour time frame.

NEO/USD as mentioned has managed to break through the strong supply zone, opening the door to some further upside momentum. It has given market bulls an opportunity to reclaim the $100 mark, last traded here on the 8th March, there doesn’t appear to be much in the way of this being achieved. Support isn’t too far away, seen at $82, the lower trend line of the channel pattern.

NEO/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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