NEOUSD made a remarkable 17% jump this Monday, before pulling back slightly during the New York session. It is currently trading 13.38% higher on the day, fuelled by speculative buying activity as cryptocurrency traders seek to trade alternatives seen as cheaper than Bitcoin.
The crypto, known colloquially as “Chinese Ethereum”, is tracking the limited upside move on Bitcoin prices, which gained 5% before undergoing a slight pullback. The intraday pullback in NEOUSD occurred after hitting psychological resistance at 28.00.
Technical Levels to Watch
NEOUSD has violated the 26.15 resistance last seen in October 2020, and looks set to target the 28.66 resistance if the break of 26.15 is confirmed. Above the 28.66 resistance, the resistance zone that extends from 31.26 to 32.89 forms the next possible target.
On the other hand, a failure to confirm the break of 26.15, or rejection at 28.66, could arrest the ascent of NEO and bring downside targets at 22.82 and 19.89 into the picture. The latter become a realistic target if the trendline that provides support is broken. This move could also allows bears to target 18.92, with 17.62 lining up as another target to the south.
NEOUSD Daily Chart