As continuing the bear market cycle and recently reached the $32 support zone , this maybe good good turning point for the price. The support is confirmed by Fibonacci retracement level, the 37.96% Fibs applied to the uptrend trendline breakout point. This makes it a strong support which should result in a trend reversal if the support will declined.
When/if the uptrend starts, NEO/USDT could easily reach the $120 psychological resistance level, also once the resistance is breakout, maybe the all-time new high could appear on the chart slowly afterwards.
However, please be advise that there is still the risk of the downtrend continuation, as of the moment, there has no confirmation of the support refusal. If so daily break and close below $30 maybe should result in a downtrend continuation, and price could possible decline down to the $12 area. Hopefully this will backup and close at least $36-38 even on the daily as we seeing a good volume coming in the past few hours.
Recent News from NEO;
- NEO Initiated Open Blockchain Foundation with 1st Contribution of 1.8 Million USD Open Blockchain Foundation (OBF) is an independent neutral foundation initiated by NEO, with a mission to support the R&D of blockchain technology in general. As the first donor of OBF, NEO contributed the unclaimed amount of 1.8 million USD from the latest concluded Giveback Plan as its first contribution to OBF, followed by 10-15 million USD contribution in the coming years.
PS. Article you've read above is for educational purposes only and not an investment advise, do your own research and acquired enough knowledge in crypto before you take an action. Hope this helps!
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