Let’s see what is going on the Hourly chart. NEO/USD has crossed two support areas at $56.00 and $53.20 and is currently fluctuating below $53.20. Neo has tested the resistance area twice on Monday, but failed to move higher. The possible scenarios for the currency pair are the following:
1. Red scenario (bearish). NEO/USD will develop its downside progress and cross the support area at $50.24 targeting the next support area at $48.08.
2. Orange scenario (neutral). The currency pair will stay inside the current range limited by the resistance area at $53.20 and the support area at $50.24.
3. Green scenario (bullish). Neo will break through the closest resistance area at $53.20 and run higher towards the next resistance area at $56.00.
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