- NEO/USD remains trapped between 50 and 200-HMA.
- Hourly RSI has ticked higher above the midline.
- 200-HMA is likely to be tested in the near-term.
NEO (NEO/USD) witnessed good two-way businesses on Friday, having finally settled in the red after fading a spike above the $23 mark.
So far this Saturday’s trading, the buyers have regained control, allowing a tepid bounce in the spot. At the time of writing the No. 19 coin rises 2.4% to $21.82.
Looking at it technically on the hourly chart, the price is trending upwards after bottoming out last Tuesday at $18.60, carving out a potential rising channel formation. Meanwhile, the sellers continue to lurk above $23, leaving the rates in a familiar range.
The NEO bulls have managed to defend the 50-hourly Simple Moving Average (HMA) at $21.60 on Saturday, despite the overnight drop to near the $21 region.
Over the last hour, the spot caught a fresh bid-wave and recaptured the 21-HMA, now at $21.61, opening doors towards the horizontal 200-HMA resistance at $22.30.
A sustained break above the latter is needed to take on the $23 barrier once again.
Alternatively, a rejection at the 200-HMA hurdle could reinforce the bearish bias, as the critical support at $21.60 could be put at risk. That level is the confluence of the 21 and 50-HMAs.
Further down, the rising trendline support at $21.41 will be challenged. Acceptance below which would validate a rising channel formation, with the next downside target seen at the horizontal 100-HMA at $20.83.
To conclude, the spot is set to extend the bounce to 200-HMA, with the uptick in the hourly Relative Strength Index (RSI), currently at 53.90, also backing the upside potential in the near-term.
NEO/USD: Hourly chart
NEO/USD: Additional levels to consider
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin holds $84,000 despite Fed’s hawkish remarks and spot ETFs outflows
Bitcoin is stabilizing around $84,000 at the time of writing on Thursday after facing multiple rejections around the 200-day EMA at $85,000 since Saturday. Despite risk-off sentiment due to the hawkish remarks by the US Fed on Wednesday, BTC remains relatively stable.
Crypto market cap fell more than 18% in Q1, wiping out $633.5 billion after Trump’s inauguration top
CoinGecko’s Q1 Crypto Industry Report highlights that the total crypto market capitalization fell by 18.6% in the first quarter, wiping out $633.5 billion after topping on January 18, just a couple of days ahead of US President Donald Trump’s inauguration.
Top meme coin gainers FARTCOIN, AIDOGE, and MEW as Trump coins litmus test US SEC ethics
Cryptocurrencies have been moving in lockstep since Monday, largely reflecting sentiment across global markets as United States (US) President Donald Trump's tariffs and trade wars take on new shapes and forms each passing day.
XRP buoyant above $2 as court grants Ripple breathing space in SEC lawsuit
A US appellate court temporarily paused the SEC-Ripple case for 60 days, holding the appeal in abeyance. The SEC is expected to file a status report by June 15, signaling a potential end to the four-year legal battle.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.