NEO Price Forecast: NEO/USD stalls under $20 as cryptocurrencies resume uptrend

NEO bounces off short term support at $18; bulls eye new yearly highs above $20.
NEO/USD remains in the hands of the bulls as observed with both the RSI and the MACD.

NEO has been consistent in the push for gains since March to the extent of surpassing the previous high at $16.68 (traded in February). A new high has been reached at $19.82, marking a temporary setback from the uptrend. A minor reversal has seen the price confirm support at $18. Buyers have not lost their push for new yearly highs, preferably above $20 by reversing the action to $19.24 (prevailing market value).

The impressive price action occurred at the time the NEO Foundation (NF) released the financial report for the first half of 2020. The report also included the foundation’s expenditures as well as assets management. These financial reports highlight the NF’s fiscal health and are released every six months.

NEO technical analysis

NEO is in the hands of the bulls at the time of writing as illustrated by the RSI. The indicator currently holds above the mean line (0.00). The MACD reflects the bullish case as it continues with the upward motion within the positive zone. A bullish divergence from the MACD shows that the bullish grip will remain intact in the coming sessions. In addition, the gap made by the 50-day SMA above the 200-day SMA reinforces the influence buyers have over the price.

NEO/USD daily chart

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