NEO Cryptocurrency Pulls Back Towards Ichimoku Cloud

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NEO Cryptocurrency Pulls Back Towards Ichimoku Cloud

NEO Cryptocurrency: NEO, the eighth largest cryptocurrency in market capitalization, saw a great deal of volatility on Monday after last week’s gains versus the USD.  Can the Chinese cryptocurrency out beat its American counterpart, Ethereum?

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NEO cryptocurrency was among the coins that continued its gains this week. The NEO/USD pair has confirmed above the daily Ichimoku cloud, as well as the key pivot level of 32.64. This level has previously acted as both support and resistance levels, and therefore it is a great deal the NEO was able to break above it once again. This is also noteworthy, because NEO’s direct rival, Ethereum has been consolidating in a rather bearish sentiment. However, as it normally happens after an Ichimoku breakout, the pair appears to be pulling back early during Tuesday’s Asian session.

NEO cryptocurrency pulling back above Ichimoku cloud

From a technical point of view, we could see a pullback towards 32.64 before NEO prices gain momentum again towards the all-time high level of $48.

What is NEO Cryptocurrency?

NEO, also known as Antshares and China’s Ethereum is the most successful virtual currency based in China and the first open source blockchain there. It is working on a global legal framework for smart contracts so that people holding token sales on NEO can do so legally in most major countries.

NEO’s founder Da Hongfei said in an interview with Dutch financial publication, that he supports the government’s ICO ban. That’s because according to him the “vast majority of ICO projects were fakes and fraud.” Even without regulatory approval to offer NEO-based token sales, he believes the platform still has “plenty of room to grow.”

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Forex Update – Watching Out for AUD/USD Breakout

The AUD/USD pair has formed a concrete Double Top chart pattern on the daily chart and was testing its neckline, as well as the lower band of the Ichimoku cloud, on Monday.

The market moving event during Tuesday’s Asian session is the Reserve Bank of Australia Rate Decision at 3:30 AM GMT. The RBA is widely expected to keep interest rates on hold at 1.50% once more, but the latest economic data from Australia suggests that it might aim for a more dovish tone. Australia’s headline CPI has fallen from 0.5% in Q1 to 0.2% in Q2 while wage growth hints that inflation might not be picking up anytime soon. 

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