We had suggested long positions on NEO on a breakout above $64 levels. That trade went live yesterday.
The NEO/USD pair should find strong support in the zone between the 20-day EMA and $63.62. The initial stop loss can be placed at $44.
Though the 50-day SMA is at $78, it has not acted as a major resistance previously. Hence, we believe that the virtual currency will rally to the downtrend line of the descending triangle at $88.
This is an aggressive position because the trend is still down and price is still inside the descending triangle. Hence, traders should keep the position size at only 50 percent of usual.