NEO Reached Local Lows. What's Next???
NEO / Dollar BITFINEX:NEOUSD
The currency pair has lost more than two percent in the past 24 hours. NEO/USD is in correction currently, but the currency pair has no direction currently as it fluctuates within the horizontal range on the Hourly chart.
Let’s have a closer look at the currency pair. After establishing new local highs this week, NEO/USD has tested them a couple of times and reversed downwards. Neo has broken through the support area at 53.20 and reached local lows at $51.90. The possible scenarios for NEO/USD are the following:
1. Red scenario ( bearish ). NEO/USD will run towards the closest support area at $50.24.
2. Orange scenario (neutral). NEO will run towards the closest resistance area at $53.20 and reverse from there. This is a neutral scenario, meaning there will be no significant price changes.
3. Green scenario ( bullish ). The currency pair will break through the closest resistance area at $53.20 targeting the next one, which is at $56.00.
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