NEO : Price Analysis, March 02

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NEO/USD

We have been bullish on NEO because it broke out of the bearish descending triangle pattern on Feb. 26. Therefore, we had recommended to buy it at $126 levels with the stop at $105. However, the price has not moved according to our expectation.




NEO




The NEO/USD pair has turned down sharply from the overhead resistance at $140. If the price fails to find support at $120 levels, it is likely to fall to the next immediate support of $110. We believe this zone to offer strong support. Therefore, we have retained the stop loss at $105.

Both the moving averages are flattening out, which suggests a range bound action for a few days.

On the upside, the cryptocurrency will gain momentum only above $140.

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